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If the demand for a product decreases, then we would expect equilibrium price

User Doseke
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If the demand for a product decreases, then we would expect equilibrium price to decrease.The equilibrium price is the price at which the quantity of goods supplied is equal to the quantity of goods demanded. When there is an increase in demand, the equilibrium price increases as suppliers are able to sell more products at a higher price. On the other hand, when there is a decrease in demand, the equilibrium price decreases as suppliers are unable to sell the same quantity of goods at a higher price.If the demand for a product decreases, the suppliers will need to reduce the price to attract buyers. This is because there are more products being produced than there are buyers. As a result, the suppliers will reduce the price of their products until they reach a new equilibrium price where the quantity of goods supplied is equal to the quantity of goods demanded. Therefore, if the demand for a product decreases, then we would expect the equilibrium price to decrease as well.
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