In a market economy prices are determined by supply and demand How is the price of an item affected if the supply goes down?

In a market economy prices are determined by supply and demand How is the price of an item affected if the supply goes down?
The price of an item increases if the supply decreases. If you have less of something then it becomes more valuable, so it is worth more. Another way to think of it is to consider a simple economic model in which you have a graph with quantity on the x-axis and price on the y-axis. The demand is sloping downward (it is a line with a negative slope) while the supply is a positively sloping line. Where they intersect is the equilibrium price and quantity level. If the supply goes down then the supply curve/line shifts to the left. The new intersection of S' and D has an equilibrium quantity that is lower and a equilibrium price that is higher.