For each of these questions, sketch out a quick S-D diagram with upward sloping S and downward sloping D. Label the axes, the curves and draw dotted lines to the equilibrium P and Q. Shift what needs to shift and draw new dotted lines to new equilibrium P and Q. If Demand stays the same and Supply decreases Question 30 options: Price and Quantity will both rise. Price will rise and Quantity will fall. Price will fall and Quantity will rise. Price and Quantity will both fall