Answered

In which of the following instances will the effect on equilibrium price be dependent on the magnitude of the shifts in supply and demand?a. demand rises and supply risesb. supply falls and demand remains constantc. demand rises and supply fallsd. supply rises and demand falls

Answer :

eooyibo123

Answer:

supply falls and demand remains constant

Explanation:

As illustrated in the attached diagram, if supply shifts to the left (reduces) it result in a shortage of supply. Price rises to a new equilibrium point (P1 to P2) above previous price.

In the market when there is shartage of supply of a product, there is more competition by demand to get the scarce resources, in time the equilibrium price rises.

${teks-lihat-gambar} eooyibo123