Homework Answers
Answer is option (b) the equilibrium price always rises.
Explanation: The graph given below explains three cases which may occur when supply curve shift left and demand curve shifts right.
First case: when supply shift to S1 and Demand shifts to D1, Price increases and quantity remains same. Look at E1.
Second case: when supply shift to S1 and demand shifts to D2, Price increases and Quantity decreases. Look at E2.
Third case: When supply shift to S1 and demand shifts to D3, then price increases and Quantity increases, look at E3.
But in all the three cases Price increases.
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