Question 3.7: Based on your understanding of supply and demand how will equilibrium price and quantity change in response to the event? Select and drag the appropriate curve to answer. &Show Algebra Predict: How will equilibrium be affected? Now, read the following scenarios and then follow the instructions to adjust the demand or supply curve appropriately. By dragging the demand or supply curve left or right, demonstrate the effect on the market equilibrium price and quantity of gasoline. Scenario 2 Description of market events that would change equilibrium. When people retire from work they, on average, drive less because they do not have a daily commute. In the United States, according to the Current Population Survey, from 2003 to 2012 the proportion of the population over 65 increased from 12% to 13.4%. By dragging the demand or supply curve left or right, and holding everything else constant, show the effect that this event will have on equilibrium price and quantity