How will the following event(s) affect demand and/or supply and equilibrium price (p) and equilibrium quantity (q) in a competitive market?
Please describe whether the demand and/or supply curve shift right or left and the final impact on equilibrium price (P) and equilibrium quantity (q). You must say whether equilibrium price and quantity will go up, down, or if it cannot be determined (indeterminate or "?"). Market: paint. Event: a hailstorm forces some of the pain manufacturers to shut-down
How will the following event(s) affect demand and/or supply and equilibrium price (p) and equilibrium quantity (q) in a competitive market?
Please describe whether the demand and/or supply curve shift right or left and the final impact on equilibrium price (P) and equilibrium quantity (q). You must say whether equilibrium price and quantity will go up, down, or if it cannot be determined (indeterminate or "?"). Market: new cars. Event: demand increases.