Which of the following lowers the equilibrium price of a canoe?
A) an increase in the supply of canoes
B) an increase in the demand for canoes
C) an increase in the quantity of canoes supplied
D) a decrease in the supply of canoes
E) Both answers A and B are correct.

Question

Quizplus · Accepted Answer

An increase in the supply of canoes, without a change in demand, typically results in a lower equilibrium price because more canoes are available for sale, which often leads to sellers reducing prices to attract buyers.

Which of the Following Lowers the Equilibrium Price of a Canoe