Problem 1: If demand is elastic, will shifts in supply have a larger effect on equilibrium quantity or on price?
Problem 2: If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?
Problem 3: If supply is elastic, will shifts in demand have a larger effect on equilibrium quantity or on price?
Problem 4: If supply is inelastic, will shifts in demand have a larger effect on equilibrium price or on quantity?