Answer :
A leftward shift in the supply curve of product x will increase equilibrium price to a greater extent the more inelastic the demand for the product.
With an inelastic demand curve, a decrease in supply which shows it as a leftward shift in the supply curve generally causes a decrease in the equilibrium quantity, and also an increase in the equilibrium price. But the increase in the equilibrium price is always greater than the decrease in the equilibrium quantity of the product.
A shift in the supply curve is generally caused by factors which are other than the price of the product. For example, the change in the price of any input. The extent to which the equilibrium quantity and price will change depend on the elasticity of demand.
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