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Question 6 $0.5 \mathrm{pts}$ Equilibrium quantity must decrease when demand increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. decreases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. Question 7 $0.5 \mathrm{pts}$

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Alexander

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Solution By Steps

Step 1: Define Equilibrium Quantity

Equilibrium quantity is the quantity of a good or service bought and sold at the equilibrium price where the quantity demanded equals the quantity supplied.

Step 2: Impact of Demand Increase, Supply Unchanged

When demand increases and supply remains unchanged, the equilibrium quantity will increase.

Step 3: Impact of Demand Unchanged, Supply Decrease

If demand does not change and supply decreases, the equilibrium quantity will decrease.

Step 4: Impact of Both Demand and Supply Decrease

When both demand and supply decrease, the equilibrium quantity will decrease.

Final Answer

Equilibrium quantity must decrease when demand increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease.

Key Concept

Equilibrium Quantity Changes

Key Concept Explanation

Changes in demand and supply impact the equilibrium quantity. When demand increases and supply remains constant, or when supply decreases regardless of demand changes, the equilibrium quantity decreases.

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