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quality diamonds decreases AND the supply of gemminusquality diamonds​ decreases, what can be said about equilibrium price and quantity in this​ market?
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quality diamonds decreases AND the supply of gemminusquality diamonds​ decreases, what can be said about equilibrium price and quantity in this​ market?

User SivaDotRender
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1 Answer

2 votes

Answer:

The change in equilibrium price will be uncertain, but quantity will fall.

Step-by-step explanation:

If the supply of a particular good to the market decreases, the quantity of that particular good in the market will fall, also the equilibrium price (the price where demand equals to supply ) will be not be certain.

User Alexandru
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