Answered

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When both supply and demand decrease, the equilibrium price ________ and the equilibrium quantity ________.

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abiolataiwo2015

When both supply and demand decrease, the equilibrium price increase and the equilibrium quantity  decrease.

What is supply and demand?

Supply can be defined as the amount of goods that a company is willing to produce and supply while demand can be defined as the amount of goods that consumer are willing or ready to buy.

When both supply and demand decrease, the equilibrium price and the equilibrium quantity can do the following:

  • Increase; decrease
  • Decrease; decrease
  • Remain the same; decrease


Therefore when both supply and demand decrease, the equilibrium price increase and the equilibrium quantity  decrease.

Learn more about supply and demand here:https://brainly.com/question/4804206

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