which of the following events must cause equilibrium price to rise?
What Happens to the Equilibrium Price When Quantity of Supply & Demand Shifts Upward? Shift Effects. Upward shifts in the supply and demand curves affect the equilibrium price and quantity. If the supply curve shifts upward, meaning supply decreases but demand holds steady, the equilibrium price increases but the quantity falls. For example, if gasoline supplies fall, pump prices are likely to rise. If the supply curve shifts downward, meaning supply increases, the equilibrium price falls and the quantity increases. If refineries supply more gasoline, pump prices are likely to fall if there is no corresponding increase in demand.