Questions: Given that demand decreased, what happens in the new equilibrium? PRICE Indeterminate QUANTITY Indeterminate

Given that demand decreased, what happens in the new equilibrium? PRICE Indeterminate QUANTITY Indeterminate
Transcript text: Given that demand decreased, what happens in the new equilibrium? PRICE $\square$ $\square$ Indeterminate QUANTITY $\square$ $\square$ Indeterminate
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Solution

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Solution Steps

Step 1: Identify the Market Change

The problem states that the demand for gyms has decreased.

Step 2: Determine the Effect on Demand Curve

A decrease in demand shifts the demand curve to the left.

Step 3: Analyze the New Equilibrium

With the demand curve shifting left, the new equilibrium will have a lower price and a lower quantity.

Final Answer

  • Price: Decreases
  • Quantity: Decreases
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