If both the supply and demand curves shift to the left, then we can conclude that there will be a(n):
A)increase in the equilibrium quantity sold.
B)decrease in the equilibrium quantity sold.
C)increase in the equilibrium price.
D)decrease in the equilibrium price.

Question

If both the supply and demand curves shift to the left, then we can conclude that there will be a(n):
A)​increase in the equilibrium quantity sold.
B)​decrease in the equilibrium quantity sold.
C)​increase in the equilibrium price.
D)​decrease in the equilibrium price.

Quizplus · Accepted Answer

When both the supply and demand curves shift to the left, it indicates a decrease in both the quantity supplied and demanded, leading to a decrease in the equilibrium quantity sold. The equilibrium price may increase, decrease, or remain the same, depending on the extent of the shift in the two curves. However, the decrease in the equilibrium quantity sold is the most certain outcome.

If Both the Supply and Demand Curves Shift to the Left