A decrease in quantity and price is consistent with a: Multiple Choice leftward shift in demand keeping supply constant. rightward shift in supply and demand leftward shift in supply keeping demand constant. rightward shift in demand and a leftward shift in supply.

leftward shift in demand keeping supply constant

Explanation:

Demand curve is graphical curve representing quantity demanded at various prices, downward sloping based on law of demand (price demand inverse relationship).

Markets are at equilibrium where Market Demand & Market Supply intersect. A decrease in quantity & price is consistent with : Decrease in demand, due to factor other than price. It would lead to leftwards shift in demand curve. This would create excess supply of goods, supply remaining same. Excess supply would create competition among sellers, reduce the new equilibrium price.

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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