Imagine a competitive market for pencils. What would happen to the equilibrium price and the equilibrium quantity of pencils if the price of erasers, a complement for pencils. deceases, pencils become more popular and the number of pencil producers decreases? (Hint: draw a graph to help you answer this question.) ()The equilibrium quantity of pencils would fall but the effect on the equilibrium price would be ambiguous. The price of pencils would rise but the effect on the equilibrium quantity would be ambiguous. The price of pencils would fall but the effect on the equilibrium quantity would be ambiguous. The equilibrium quantity of pencils would rise but the effect on the equilibrium price would be ambiguous