g Which of the following statements is correct? Multiple Choice If supply declines and demand remains constant, equilibrium price will fall. If demand increases and supply decreases, equilibrium price will fall. If demand decreases and supply increases, equilibrium price will rise. If supply increases and demand decreases, equilibrium price will fall.

If supply increases and demand decreases, equilibrium price will fall.

Explanation:

Equilibrium price is the price at which the price the price a buyer is willing to pay for a good is equal to the price the seller wishes to sell. On a demand-supply graph, it is the point of intersection of demand price and supply price. The quantity at which this happens is the equilibrium quantity.

A decrease in demand will result in the shift of the demand curve inward to the left, at the same time, an increase in supply will result in a shift of the supply curve outward to the right. The resultant effect on the demand-supply curve is decrease in the equilibrium price.

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