Use the results of your answers on both the Scenario $1$ and Scenario $2$ graphs to complete the following table. Begin by indicating the overall change in the equilibrium price and quantity after the shift in demand or supply for each shift$-$magnitude scenario. Then, in the final column, indicate the resulting change in the equilibrium price and quantity when supply and demand shift in the direction you previously indicated on both graphs. If you cannot determine the answer without knowing the magnitude of the shifts, choose Cannot determine.

Equilibrium Object

Change in Equilibrium Objects

Scenario $1$

Scenario $2$

When Shift Magnitudes Are Unknown

Price

Quantity

True or False: When both the demand and supply curves shift, you can always determine the effect on price and quantity without knowing the magnitude of the shifts.

True

False