A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to

Assessment: WAEC SSCE - Economics - 2010 (Objective) Subject: Economics

Question 1 Report

A decrease in supply with demand remaining unchanged will cause the equilibrium price for a good to
Answer Details
If the supply of a good decreases while the demand for that good stays the same, there will be fewer goods available to satisfy the same level of demand. This creates a situation where buyers are willing to pay more for the limited supply of the good, which drives up the price. Therefore, the equilibrium price of the good will rise.
Read lesson note on The Theory Of Supply (JAMB)
Read lesson note on Economics As A Science (JAMB)
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