63.8k views
0 votes
Suppose the demand for air travel decreases a decrease in demand the equilibrium price for air travel and the equilibrium quantity for air travel

User Kulbi
by
8.3k points

1 Answer

1 vote

Answer

Equilibrium price and equilibrium quantity will fall.

Step-by-step explanation

A decrease in the demand for Air Travel for various possible reasons may then lead to a left shift in the demand curve. A left downward shift will result in a changed Equilibrium price and Equilibrium Demand. Since the curve will move inwards, the equilibrium quantity will fall and so will the equilibrium price, thus establishing the equilibrium at a lower level.

User Zaczap
by
8.7k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories