What are the effects of shifts in demand on market equilibrium?

Question

Quizplus · Accepted Answer

A decrease in demand leads to a leftward shift of the demand curve, causing a lower equilibrium price and a lower equilibrium quantity. This is because there is less demand for the product or service, so suppliers must lower their prices to entice consumers to buy. Conversely, an increase in demand leads to a rightward shift of the demand curve, causing a higher equilibrium price and a higher equilibrium quantity.

What Are the Effects of Shifts in Demand on Market