If the price of a good increases, suppliers will increase the supply of the goods as it is profitable for them, leading to an increase in stocks of the good. This will lead to competition among the sellers. To sell more, suppliers will start declining the price of goods. Here, the law of supply will operate. So, with a decrease in price, supply will also decrease. Due to the law of demand with a decrease in the price of the goods, its demand will increase. This mechanism will lead to bringing the price back to equilibrium. In this way, excess supply is cleared off from the market.
Cases of Simultaneous Changes
When there are changes in both the demand and supply, then the following observations can be recorded.
Increase in demand and supply a) If both demand and supply increase in the same proportion, then the price will be the same; however, the quantity will increase.
b) If an increase in demand is greater than an increase in supply, then an increase in quantity will be more than the increase in price.
c) If an increase in demand is less than an increase in supply, then a decrease in price will be smaller than the increase in quantity.
Decrease in demand and supply
a) If both demand and supply decrease simultaneously in the same proportion, then the price will be the same; however, the quantity will decrease.
b) If a decrease in demand is greater than a decrease in supply, then a decrease in quantity will be more than the decrease in price.
c) If a decrease in demand is less than a decrease in supply, then an increase in price will be less than the decrease in quantity.
If an increase in demand is greater than a decrease in supply, then an increase in price will be more than the increase in quantity.
If an increase in demand is less than a decrease in supply, then an increase in price will be more than the decrease in quantity.
If a decrease in demand is more than an increase in supply, then a decrease in price will be more than the decrease in quantity.
If a decrease in demand is less than an increase in supply, then a decrease in price will be more than the increase in quantity.
Elastic and inelastic demand
a) If demand is elastic and supply increases, then the price will be the same; however, the quantity will increase.
b) If demand is elastic and supply decreases, then the price will be the same; however, the quantity will decrease.
c) If demand is inelastic and supply increases, then quantity will be the same and the price will decrease.
d) If demand is inelastic and supply decreases, then quantity will be the same and the price will increase.
Elastic and inelastic supply
a) If supply is elastic and demand increases, then the price will be the same; however, the quantity will increase.
b) If supply is elastic and demand decreases, then the price will be the same; however, the quantity will decrease.
c) If supply is inelastic and demand increases, then quantity will be the same; however, the price will increase.
d) If supply is inelastic and demand decreases, then quantity will be the same; however, the quantity will decrease.
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