How does a decrease in supply, combined with the law of demand, affect the equilibrium price and quantity in a competitive market with high price elasticity of supply?

When there is a decrease in supply in a competitive market, it means that producers are offering less of a product for sale. According to the law of demand, when the supply decreases, the price of the product tends to rise because there are fewer goods available. This is especially true in markets with high price elasticity of supply, where producers can quickly respond to price changes. For example, if a drought reduces the supply of wheat, the price of wheat will increase, leading to a higher equilibrium price. However, the quantity sold in the market will decrease because some consumers may choose not to buy the product at the higher price, resulting in a new equilibrium where fewer goods are exchanged at a higher price.