Indicate whether each of the following changes will increase or decrease the equilibrium price and quantity, or whether the effect cannot be predicted.

(a) demand increases; supply remains constant
(b) supply increases; demand remains constant
(c) demand decreases; supply remains constant
(d) supply decreases; demand remains constant
(e) demand increases; supply increases
(f) demand decreases; supply decreases
(g) demand increases; supply decreases
(h) demand decreases; supply increases

(a) This will shift the demand curve rightwards and supply curve remains the same. Hence,

Equilibrium price: Increases

Equilibrium Quantity: Increases

(b) This will shift the supply curve rightwards and demand curve remains the same. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Increases

(c) This will shift the demand curve leftwards and supply curve remains the same. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Decrease

(d) This will shift the supply curve leftwards and demand curve remains the same. Hence,

Equilibrium price: Increase

Equilibrium Quantity: Decrease

(e) This will shift the supply curve and demand curve rightwards. Hence,

Equilibrium price: Indeterminate because of the magnitude of the shift in demand and supply curve.

Equilibrium Quantity: Increase

(f) This will shift the supply curve and demand curve leftwards. Hence,

Equilibrium price: Indeterminate because of the magnitude of the shift in demand and supply curve.

Equilibrium Quantity: Decrease

(g) This will shift the supply curve leftwards and demand curve rightwards. Hence,

Equilibrium price: Increase

Equilibrium Quantity: Indeterminate because of the magnitude of the shift in demand and supply curve.

(h) This will shift the supply curve rightwards and demand curve leftwards. Hence,

Equilibrium price: Decrease

Equilibrium Quantity: Indeterminate because of the magnitude of the shift in demand and supply curve.

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