Question: What effect( increase, decrease, or indeterminate )wouldthe simultaneous changes in demand and supply indicated in (a) and (b) belowhave on equilibrium price ( P )

What effect(increase, decrease,orindeterminate)wouldthe simultaneous changes in demand and supply indicated in (a) and (b) belowhave on equilibrium price (P) and equilibrium quantity (Q)?

Provide an explanation for your answers as well. Suggested format is provided below.

(a)Increase in demand, decrease in supply____________

(b)Decrease in demand, decrease in supply____________

You may write answer in the following format:

(a) (The effect on) / Equilibrium price _______, because ___________________.

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