Supply and demand for some good such as new tractor

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What would happen if there were decreases in both supply and demand for some good such as a new tractor?

1. If the decrease in supply is greater than the decrease in demand, equilibrium price will fall.

2. If the decrease in supply is greater than the decrease in demand, the equilibrium price will not be affected.

3. If the decrease in supply is greater than the decrease in demand, the equilibrium price will rise.

4. If the decrease in supply is greater than the decrease in demand, the equilibrium price will at first rise and then fall.

Reference no: EM131198055

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