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Question
if the demand for a product decreases, what is likely to happen? a. the supply is likely to increase. b. the demand is likely to be inelastic. c. the price is likely to increase. d. the price is likely to decrease.
in the product's equilibrium price. The other options are incorrect: supply does not automatically increase from lower demand, demand elasticity is a separate trait of the demand curve, and prices rise with increased (not decreased) demand.
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in the product's equilibrium price. The other options are incorrect: supply does not automatically increase from lower demand, demand elasticity is a separate trait of the demand curve, and prices rise with increased (not decreased) demand.