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:

Consumers

are individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

Price

The charge projected, needed, or delivered in payment for a particular commodity.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market without any close substitutes.

Price Taker

A market participant that accepts market prices as given and has no influence to alter the price of the good or service.