Suppose the market for used textbooks s at an equilibrium an

Suppose the market for used textbooks s at an equilibrium, and then there is a decrease in demand. According to supply and demand logic what will happen to the price and quantity of used textbooks Select one O a. Price increase, quantity decrease O b. Price decrease, quantihy increase O c. Price increase, quantity increase O d Price decrease, quantity decrease

Solution

Option D.

When the demand decreases from the equlibrium point the the demand curve shifts leftward (downward) which leads to decrease in price and decrease in quantity. (This is understood using the graph)

Coming to the logic, when the demand decreases the price will have to decrease so that People can be induced to buy product, but this the demand has decreased the overall quantity of good also decreases