-Refer to the figure above. If the number of demanders for Good Z increases at the same time as the number of suppliers of Good Z decreases and the shift in supply is greater than the shift in demand, the equilibrium price will be ________than $100 and the equilibrium quantity will be ________than 100.

Question

Quizplus · Accepted Answer

When the number of demanders increases, demand shifts rightward, increasing the equilibrium price and quantity. Conversely, when the number of suppliers decreases, supply shifts leftward, increasing the price but decreasing the quantity. If the shift in supply is greater than the shift in demand, the equilibrium price will rise, but the equilibrium quantity will decrease.

-Refer to the Figure Above