Using graphs, explain what will happen to equilibrium price and equilibrium quantity of a product as a result of each of the following scenarios:
a. A rise in the number of buyers and a decrease in the cost of producing the product.
b. A decrease in the number of suppliers and an increase in the number of buyers.
c. An increase in the cost of production and a decrease in consumers' income.
d. Advances in the technology used to produce the product and a decrease in the price of a substitute good.

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The Answer of Using graphs, explain what will happen to equilibrium price and equilibrium quantity of a product as a result of each of the following scenarios:
a. A rise in the number of buyers and a decrease in the cost of producing the product.
b. A decrease in the number of suppliers and an increase in the number of buyers.
c. An increase in the cost of production and a decrease in consumers' income.
d. Advances in the technology used to produce the product and a decrease in the price of a substitute good.

Using Graphs, Explain What Will Happen to Equilibrium Price and Equilibrium