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a change in supply will cause the equilibrium price to change by ______________ and the equilibrium quantity to change by ______________ with an elastic demand than if demand were inelastic.

Sagot :

Baraq

Based on principles of supply and demand:

"a change in supply will cause the equilibrium price to change by Increasing and the equilibrium quantity to change by Decreasing with an elastic demand than if demand were inelastic."

This is based on the idea that a change in supply will cause an opposite change in equilibrium price.

For example, an increase in the supply of bread will lead to a decrease in the equilibrium price of bread to ensure that consumers can buy more bread and consumed the supply.

In turn, as the equilibrium price of bread decreases, this would lead to an increase in the quantity demand.

Hence, in this case, it is concluded that " a change in supply will cause the equilibrium price to change by Increasing and the equilibrium quantity to change by Decreasing with an elastic demand than if demand were inelastic."

Learn more here: https://brainly.com/question/17928482

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