Sandeep Garg Microeconomics Class 11 Solutions Chapter 5 < 2024-2026 >

What is the effect of a decrease in supply on the market equilibrium?

The equilibrium price is the price at which the demand and supply curves intersect, resulting in a stable quantity. The equilibrium quantity is the quantity at which the market is in equilibrium. Sandeep Garg Microeconomics Class 11 Solutions Chapter 5

If there is a decrease in supply, the supply curve shifts to the left, resulting in a new equilibrium price and quantity. The equilibrium price increases, and the equilibrium quantity decreases. What is the effect of a decrease in