What will happen to the equilibrium price and quantity of asparagus if the wage rate paid to asparagus pickers increases? (Assume asparagus pickers make up an insignificant part of the pool of asparagus buyers) Price will rise so firms will increase production, causing equilibrium quantity to rise too. Supply will shift left, so equilibrium price will rise and equilibrium quantity will fall. Price will rise, so demand will fall causing equilibrium price and quantity to fall. Quantity will fall, so price will rise, causing demand to fall. The decrease in demand will cause price to fall back down.