Which of the following statement/statements are true?
Statement 1: Rightward shift in demand curve and leftward shift in supply curve simultaneously may cause quantity to increase, decrease or remain unchanged
Statement 2: Rightward shift in demand curve and leftward shift in supply curve simultaneously will lead to increase in price.
Answer & explanation
Correct answer: option 1
Whenever there is a rightward shift in demand curve and leftward shift in supply curve simultaneously, it may cause quantity to increase, decrease or remain unchanged and price increases.