question 7 (1 point) what will result from an increase in resource costs to firms in a market? an increase…

question 7 (1 point) what will result from an increase in resource costs to firms in a market? an increase in equilibrium price and a decrease in equilibrium quantity a decrease in equilibrium price and a decrease in equilibrium quantity an increase in equilibrium price and no change in equilibrium quantity a decrease in equilibrium price and an increase in equilibrium quantity

question 7 (1 point) what will result from an increase in resource costs to firms in a market? an increase in equilibrium price and a decrease in equilibrium quantity a decrease in equilibrium price and a decrease in equilibrium quantity an increase in equilibrium price and no change in equilibrium quantity a decrease in equilibrium price and an increase in equilibrium quantity

Answer

Brief Explanation:

When resource costs increase for firms, production costs rise. This causes the supply curve to shift to the left. With a left - shift in supply and no change in demand (assuming other factors are constant), the equilibrium price increases and the equilibrium quantity decreases.

Answer:

An increase in equilibrium price and a decrease in equilibrium quantity