When demand increases and supply decreases in a competitive market, which of the following outcomes are likely to occur? (Select all that apply)

When demand increases, it means more people want to buy a product, which usually pushes prices up. At the same time, if supply decreases, there are fewer products available for sale, making them even scarcer. Together, these changes lead to a situation where the price of the product will rise significantly because more buyers are competing for fewer goods. For example, if a popular toy is in high demand during the holiday season but the factory that makes it has to slow down production, the price of that toy will likely increase. So, in this scenario, we can expect higher prices and possibly a shortage of the product in the market.