Using graphs, explain how the equilibrium price and quantity of MP3 will change when:
a. The demand curve for MP3 players shifts to the left and the supply curve for MP3 players shift to the right.
b. The demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts more than the demand curve.
c. The demand curve for MP3 players shifts to the right and the supply curve for MP3 players shift to the left, but the supply curve shifts less than the demand curve.
d. Both the demand curve and the supply curve for MP3 players shift to the left but the demand curve shifts more than the supply curve.
e. Both the demand curve and the supply curve for MP3 players shift to the right but the supply curve shifts more than the demand curve.
Sample Solution
