Consider the global market for some mineral,X.In January,2017,the equilibrium price and quantity were P = $27 per unit and Q = 140 million units.In January,2019,the equilibrium price and quantity were P = $35 per unit and Q = 110 million units.Which of the following is the best possible explanation for this change in market equilibrium?
A) There has been an increase in demand for mineral X.
B) There has been a decrease in supply of mineral X.
C) There has been a decrease in global demand for mineral X.
D) There has been a simultaneous increase in demand and increase in supply for mineral X.
E) there has been a simultaneous increase in supply and decrease in demand for mineral X.
Correct Answer:
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