How will each of the following changes in demand and / or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, would price and quantity rise, fall or remain unchanged, or are the answers indeterminate? Use demand and supply diagram to verify your answers.
(A) Demand decreases and supply is constant
(B) Supply increases and demand is constant
(C) Demand increases and supply increases
(D) Demand decreases and supply decreases
(A) Price down; quantity down; (B) Supply increases and demand is constant. (C) Price indeterminate; quantity up; (D) Price indeterminate and quantity down.
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