Demand Decrease, Supply Decrease - Key Concept

Both the supply and demand curve shift to the left. The new equilibrium price can either increase, decrease, or remain the same depending on curve shape and how much each curve shifts. If demand falls more than supply, the new equilibrium price is lower. If supply falls more than demand, the new equilibrium price is higher. If supply and demand both decrease by the same amount, the equilibrium price stays the same.