If the Demand Curve for a Product Shifts to the Left

question 143

True/False

If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left, the equilibrium quantity will decrease.

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Definitions:

Valid Consideration

Valid consideration in a contract represents something of value that is given by all parties involved, serving as the reason or inducement to enter into the contract.

Adequacy Of Consideration

Refers to the fairness of the bargain in a contract, ensuring that what is exchanged holds reasonable value.

Detriment

A loss or harm suffered as a result of an action or decision.

Illusory Promise

A statement or promise that is vague or lacks commitment and does not legally bind the person making it.