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STEP 01Upload

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STEP 02Key Topics

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Supply & Demand94%
Market Equilibrium & Price87%
Price Elasticity of Demand82%
Consumer & Producer Surplus76%
GDP Components71%
Fiscal Policy65%
Public Goods & Externalities58%
STEP 03Flashcards

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Question

What happens to equilibrium when supply decreases?

Answer

Price rises and Quantity falls — leftward shift of supply curve.

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STEP 04Quiz

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If supply decreases and demand remains constant, what happens to the equilibrium price?

STEP 05AI Tutor

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