If the equilibrium price of a good increases and the equilibrium quantity of the good decreases,we can conclude that

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An increase in equilibrium price and a decrease in equilibrium quantity indicate a decrease in supply. This is due to the fact that when the supply decreases, the price of the good relative to the quantity demanded increases, leading to a higher equilibrium price and a lower equilibrium quantity.

If the Equilibrium Price of a Good Increases and the Equilibrium