over a period of time, the equilibrium price of a good increases and the quantity decreases. all of the following could account for this situation, except

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13-09-2022
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over a period of time, the equilibrium price of a good increases and the quantity decreases. all of the following could account for this situation, except

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devikabalrajan devikabalrajan · Answer 1 · 2022-09-16T05:00:18-04:00

Over a period of time, the equilibrium price of a good increases and the quantity decreases. all of the following could account for this situation, except a decrease in the price of an alternative good or service that producers could also produce.

What Is Equilibrium?

A market is said to have reached equilibrium price when the supply of goods matches demand.
A market in equilibrium demonstrates three characteristics: the behavior of agents is consistent, there are no incentives for agents to change behavior, and a dynamic process governs equilibrium outcomes.
There are several types of equilibrium used in economics.
Disequilibrium is the opposite of equilibrium and it is characterized by changes in conditions that affect market equilibrium.
In reality, markets are never in perfect equilibrium, although prices do tend toward it.

To learn more about Equilibrium, refer: https://brainly.com/question/13463225?referrer=searchResults

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