Assume that the market is initially in equilibrium where D1 and S1 intersect. If there is an increase in the number of buyers, then the new equilibrium most likely would be at point a) W b) X e) Y d) Z ii. Assume that the equilibrium price and quantity in the market are P2 and Q2. Which factor would cause the equilibrium price and quantity to shift to P1 and Q3 ? a) an increase in product price b) an increase in demand c) an increase in supply da a decrease in quantity ii. What would cause a shift in the equilibrium price and quantity from point Z to point X ? wa decrease in production costs and more favorable consumer tastes for product b) an increase in the number of suppliers and an increase in consumer incomes c) an increase in production costs and a decrease in consumer incomes d) an improvement in production technology and a decrease in the price of a substitute good. iv. Assume that the market is initially in equilibrium where D1 and S1 intersect. If consumer incomes increased and the technology for making the product improved, the new equilibrium most likely would be at a) P1 and Q1 b) P2 and Q2 c)P1 and Q2