Question

When supply goes down and/or consumer demand goes up, what usually happens to the price?

Answer 1

demand decreases, and supply increases. This is easy, the price will drop for sure, but if supply curve shifts right a lot more than the demand curve shifts left, then the new equilibrium point will mean more quantity is supplied at a much lower price. demand increases, and supply decreases.

Answer 2

I think the price may go up because if demand goes up and supply go down people will pay more for it Hope this helps