If supply decreases and demand is constant, there would be an increase in equilibrium price while equilibrium quantity would decrease.
If demand decreases and supply is constant, there would be a a fall in equilibrium price and equilibrium quantity.
If supply increases and demand is constant, it would lead to a fall in equilibrium price and equilibrium quantity.
If demand increases and supply increases, it would lead to an increase in equilibrium quantity and an indeterminate effect on equilibrium price.
If demand increases and supply is constant, there would be an increase in equilibrium quantity and price.
If supply increases and demand decreases, it would lead a fall in equilibrium price and an indeterminate effect on equilibrium quantity.
If demand increases and supply decreases, equilibrium price increases and there is an indeterminate effect on equilibrium quantity.
If demand decreases and supply decreases, equilibrium quantity declines and there is an indeterminate effect on equilibrium price.
<h3>How do these changes affect equilibrium price and quantity?</h3>
If supply decreases while demand remains constant, there would a shift to the left of the supply curve. This would lead to an increase in equilibrium price while equilibrium quantity would decrease.
If demand decreases while supply remains constant, there would a shift to the left of the demand curve. This would lead to a fall in equilibrium price and equilibrium quantity.
If supply increases while demand remains constant, there would a shift to the right of the supply curve. This would lead to an decrease in equilibrium price while equilibrium quantity would increase.
If demand increases, there would be an increase in equilibrium quantity and price. If supply increases, it would lead to an decrease in equilibrium price while equilibrium quantity would increase. The two would lead to an increase in equilibrium quantity and an indeterminate effect on equilibrium price.
If demand increases, there would be an increase in equilibrium quantity and price.
If supply increases it would lead to an decrease in equilibrium price while equilibrium quantity would increase. If demand decreases it would lead to a fall in equilibrium price and equilibrium quantity. It would lead a fall in equilibrium price and an indeterminate effect on equilibrium quantity.
If demand increases, there would be an increase in equilibrium quantity and price. If supply decreases it would lead to an increase in equilibrium price while equilibrium quantity would decrease. Taking these two effects together, equilibrium price increases and there is an indeterminate effect on equilibrium quantity.
If supply decreases it would lead to an increase in equilibrium price while equilibrium quantity would decrease. If demand decreases, it would lead to a fall in equilibrium price and equilibrium quantity. Taking these two effects together, equilibrium quantity declines and there is an indeterminate effect on equilibrium price.
Here is the complete question:
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market, that is, do price and quantity rise, fall, or remain unchanged, or are the answers is indeterminate because they depend on the magnitudes of the shifts? Use supply and demand to verify your answers. Supply decreases and demand is constant. Demand decreases and supply is constant. Supply increases and demand is constant. Demand increases and supply increases. Demand increases and supply is constant. Supply increases and demand decreases Demand increases and supply decreases. Demand decreases and supply decreases.
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