Inspired by Does an Enlarge/Reduce spell on a druid affect the beast form if the druid Wild-Shapes?
Focusing on the specific effect of the Enlarge/Reduce spell:
You cause a creature or an object you can see within range to grow larger or smaller for the duration.
Consider a human who is, for reasons which will become obvious, named Inflatoman.
Inflatoman is the target of an Enlarge spell cast by Engorgo. He grows to twice his size becoming a large creature.
While the Engorgo maintains concentration; Reducto hits Inflatoman with a reduce spell, which clearly causes him to revert to his original size. While these spells have not cancelled each other, their effects have.
So, what happens:
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if Engorgo stops concentrating while Reducto keeps concentrating:
- Inflatoman stays his normal size; Reducto's spell has already done all the reducing it can do.
- Inflatoman shrinks to small size; with Engorgo's spell removed the effect of Reducto's reasserts itself.
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if Reducto stops concentrating while Engorgo keeps concentrating:
- Inflatoman stays his normal size; Engorgo's spell has already done all the enlarging it can do.
- Inflatoman grows to large size; with Reducto's spell removed the effect of Engorgo's reasserts itself.
An alternative way of asking this is: Is the growth from an Enlarge spell a one shot effect that causes the target to grow at the beginning and then shrink at the end OR a continuous effect that is trying to make the subject be twice the size they would otherwise be? Vice versa for Reduce.
Best Answer
From the "Combining Magical Effects" section of the Player's Handbook (p. 205) and the Basic Rules (p. 85):
This rule can lead to one of two different rulings:
If Engorgo were to stop concentrating, then Inflatoman would either remain Small (option 1) or become Small (option 2). If Reducto were to stop concentrating, then Inflatoman would become Large in either case.
Thank you to @V2Blast for notifying me of the 2018 PHB errata on this!