if-the-demand-curve-in-a-perfectly-competitive-market-shifts-to-the-left-what-is

Question

If the demand curve in a perfectly competitive market shifts to the left, what is the likely impact on the equilibrium price and quantity?

Accepted Answer

Equilibrium price decreases, equilibrium quantity decreases.

Answer

Equilibrium price decreases, equilibrium quantity increases.

Answer

Equilibrium price increases, equilibrium quantity decreases.

Answer

Both equilibrium price and quantity increase.