Equilibrium price is the price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers. It is determined by the intersection of the demand and supply curves in a market. When there is a shift in either the demand curve or the supply curve, the equilibrium price may or may not change.

The demand curve represents the willingness and ability of consumers to purchase a product at different prices. It is downward sloping, indicating that as the price of a product decreases, the quantity demanded increases, and vice versa. Factors that can shift the demand curve include changes in consumer income, preferences, expectations, and the prices of related goods.

The supply curve, on the other hand, represents the willingness and ability of producers to supply a product at different prices. It is upward sloping, indicating that as the price of a product increases, the quantity supplied also increases. Factors that can shift the supply curve include changes in production costs, technology, government regulations, and the number of producers in the market.

When there is a shift in the demand curve, it means that the quantity demanded at each price level has changed. If the demand curve shifts to the right, it indicates an increase in demand, and if it shifts to the left, it indicates a decrease in demand. Similarly, when there is a shift in the supply curve, it means that the quantity supplied at each price level has changed. A shift to the right indicates an increase in supply, while a shift to the left indicates a decrease in supply.

The impact of shifts in both the demand and supply curves on the equilibrium price depends on the direction and magnitude of the shifts.

- If both the demand and supply curves shift in the same direction (e.g., both shift to the right), the equilibrium price will definitely increase. This is because both the quantity demanded and the quantity supplied have increased, leading to a higher equilibrium price.

- If the demand curve shifts to the right and the supply curve shifts to the left, the equilibrium price will definitely increase. This is because the increase in demand is greater than the decrease in supply, resulting in a higher equilibrium price.

- If the demand curve shifts to the left and the supply curve shifts to the right, the equilibrium price may or may not change. It depends on the magnitude of the shifts. If the decrease in demand is greater than the increase in supply, the equilibrium price will decrease. However, if the increase in supply is greater than the decrease in demand, the equilibrium price may remain unchanged or even increase.

In conclusion, the equilibrium price may or may not change with shifts in both the demand and supply curves. It depends on the direction and magnitude of the shifts in these curves.