Suppose a competitive market has a downward-sloping demand curve and a horizontal supply curve. If the supply curve shifts downward, equilibrium price will ___, equilibrium quantity will _, consumer surplus will _, and producer surplus will ___.

Suppose there is a competitive market with a downward sloping demand curve and horizontal supply curve. In a competitive market there are large number of buyers and sellers. So, if there is a downward shift in the supply curve, as a result equilibrium price will fall, equilibrium quantity will increase, consumer surplus now become larger and producer surplus remains the same because of the horizontal supply curve.

Аноним Аноним · Answer 2 · 2019-12-02T05:36:45+01:00

Аноним Аноним

02-12-2019

Answer:

B

Explanation:

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Suppose a competitive market has a downward-sloping demand curve and a horizontal supply curve. If the supply curve shifts downward, equilibrium price will _____, equilibrium quantity will _____, consumer surplus will _____, and producer surplus will _____.

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Suppose a competitive market has a downward-sloping demand curve and a horizontal supply curve. If the supply curve shifts downward, equilibrium price will ___, equilibrium quantity will _, consumer surplus will _, and producer surplus will ___.