If both the supply and demand curves shift to the left, what can we expect?

Question

Quizplus · Accepted Answer

When both the supply and demand curves shift to the left, it means that both the quantity demanded and the quantity supplied have decreased. This results in a decrease in the equilibrium quantity sold. Additionally, the shift in both curves can cause an increase or decrease in the equilibrium price depending on the extent of the shifts, but it cannot be determined with certainty which direction the price will move without further information.

If Both the Supply and Demand Curves Shift to the Left