Which of the following statements accurately explain how market shifts can influence economic factors such as price and quantity? Select all that apply.

Market shifts can greatly influence economic factors like price and quantity due to changes in supply and demand. When demand for a product increases, for example, people are willing to pay more for it, which can raise its price. This higher price can encourage producers to make more of the product, increasing the quantity available in the market. Conversely, if demand decreases, prices may drop, leading producers to cut back on production, which reduces the quantity available. A simple example is when a new video game console is released; if many people want it, prices go up, and manufacturers ramp up production to meet that demand.