Examlex
When supply decreases and demand does not change, the equilibrium quantity ________ and the equilibrium price ________.
Perfect Competitor
A theoretical market structure where many firms sell identical products, entry and exit are easy, and all firms are price takers.
Industry Demand Curve
A graphical representation of the quantity of goods that buyers in an industry are willing and able to purchase at various prices, holding other factors constant.
Individual Firm's Demand Curve
A graphical representation showing the quantity of a good that a single firm is willing and able to sell at different prices.
Perfect Competition
A market structure where numerous small firms compete against each other, and products are identical, leading to no single company influencing the market price.
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