If demand increases and supply decreases, what is the effect on equilibrium price and equilibrium quantity?

Question

Quizplus · Accepted Answer

When demand increases and supply decreases, the quantity demanded exceeds the quantity supplied at the original equilibrium price. This creates a shortage, and to eliminate the shortage, suppliers increase the price until quantity demanded equals quantity supplied. Therefore, the price rises, and the equilibrium quantity might increase, decrease, or remain the same depending on the extent of the shift in demand and supply.

If Demand Increases and Supply Decreases, What Is the Effect