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