Question

The equilibrium price and quantity of any good ___. Group of answer choices:

may not be altered by a change in supply

may not be altered by a change in demand

may not be altered once achieved through the interplay of supply and demand

may be altered either by shifts in demand or by shifts in supply

always takes years to accomplish in a market based economy

Answer 1

The equilibrium price and quantity can always be altered by the change in supply or change in demand or both because if there is a decrease in supply then the supply curve shift to the left as a result of which the price increases and the quantity decreases and if the supply curve shift to the right then the quantity increases and price decreases. if the demand curve shift the right then the price increases in quantity increases and if the demand curve shift to the left in the price decreases in the quantity also decreases

Therefore (d) may be altered either by shifts in demand or by shifts in supply is the answer to this question