Economics · Microeconomics
Under a normal downward-sloping demand curve and a perfectly elastic supply curve of a commodity, an exogenous decrease in demand would lead to which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An increase in equilibrium price and no change in quantity
- 2A decrease in equilibrium quantity and no change in price✓
- 3A decrease in equilibrium price and quantity
- 4An increase in equilibrium price and quantity
Correct answer
A decrease in equilibrium quantity and no change in price
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