ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A decrease in supply will cause the equilibrium price to rise; quantity demanded will decrease. To determine what happens to equilibrium price and equilibrium quantity when both the supply and demand curves shift, you must know in which direction each of the curves shifts and the extent to which each curve shifts.

Detailed explanation-2: -If both demand and supply decrease, consumers wish to buy less andfirms wish to supply less, so output will fall. However, since consumers place a lower value on each unit, but producers are willing to supply each unit only at higher prices, the effect on price will depend on the relative size of the two changes.

Detailed explanation-3: -The Net Zero Emissions by 2050 Scenario (NZE) is a normative IEA scenario that shows a pathway for the global energy sector to achieve net zero CO2 emissions by 2050, with advanced economies reaching net zero emissions in advance of others.

Detailed explanation-4: -Supply is generally considered to slope upward: as the price rises, suppliers are willing to produce more. Demand is generally considered to slope downward: at higher prices, consumers buy less.