Answer the following questions true (T) or false (F)

1. If the demand for a product increases and the supply of the same product decreases, the equilibrium price will increase.

2. If the demand for a product decreases and the supply of the same product increases, the equilibrium quantity will increase.

3. As the number of firms in a market increases, the supply curve will shift to the left and the equilibrium price will rise.

1. TRUE
2. FALSE
3. FALSE