If the demand curve for bikes shifts leftward and the supply curve for bikes shifts rightward, the equilibrium

Question

Quizplus · Accepted Answer

When the demand curve shifts leftward, it means that consumers are now willing to buy fewer bikes at every given price. Simultaneously, when the supply curve shifts rightward, it means that producers are willing to produce and sell more bikes at every given price. Therefore, the intersection point of the two curves, which is the equilibrium point, will lead to a decrease in the price of bikes and an uncertain change in the quantity of bikes.

If the Demand Curve for Bikes Shifts Leftward and the Supply