Which of the following cases will result in the largest decrease in equilibrium price? The largest change in equilibrium quantity? Verify your answers by drawing graphs.
a. Demand is highly inelastic; there is a relatively large increase in supply.
b. Demand is highly elastic; there is a relatively small increase in supply.
c. Supply is highly inelastic; there is a relatively small decrease in demand.
d. Supply is highly elastic and demand is very inelastic; there is a relatively large increase in supply.