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15 August, 16:15

Suppose the demand for air travel decreases a decrease in demand the equilibrium price for air travel and the equilibrium quantity for air travel

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  1. 15 August, 16:34
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    Answer

    Equilibrium price and equilibrium quantity will fall.

    Explanation

    A decrease in the demand for Air Travel for various possible reasons may then lead to a left shift in the demand curve. A left downward shift will result in a changed Equilibrium price and Equilibrium Demand. Since the curve will move inwards, the equilibrium quantity will fall and so will the equilibrium price, thus establishing the equilibrium at a lower level.
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