If the demand curve for a product shifts to the left and the supply curve for the product shifts to the left, the equilibrium quantity will decrease.

Question

Quizplus · Accepted Answer

When both the demand and supply curve shift to the left, it means that both the quantity demanded and the quantity supplied of the product have decreased. As a result, there is an excess supply of the product in the market, which causes the price to fall. The new equilibrium point will have lower both price and quantity, with quantity decreasing as a result of the shifts in both demand and supply curves.

If the Demand Curve for a Product Shifts to the Left