Describe the resulting situation using the economic terms you have learned so far. Nintendo released a limited supply of their original system, a product that many people wanted to buy. Due to a misestimate of potential demand, there were significantly more people that wanted the system than there were systems available for sale.

Consider a hypothetical situation where there is a simultaneous change in demand and supply. How will the equilibrium quantity and price change as a result of the possible combination of changes to supply and demand in demand and in supply? Explain why.