What happens to equilibrium price of a commodity if there is ‘decrease’ in its demand and ‘increase’ in its supply ?
Equlibrium price will fall.
What happens to equilibrium price of a commodity if there is an 'increase' in its demand and 'decrease' in its supply ?
Explain the effects of an increase in both demand and supply of a commodity on its equilibrium price.
If the demand for a commodity increases and the supply decreases, what will be the effect on equilibrium price and quantity? Illustrate with diagrams.