If the cost to produce frozen chicken nuggets decreases at the same time as consumer tastes shift away from frozen chicken nuggets and the shift in demand is greater than the shift in supply, which of the following is true?
A) Both the equilibrium quantity and price will decrease.
B) Both the equilibrium quantity and price will increase.
C) The equilibrium quantity will decrease and the equilibrium price will increase.
D) The equilibrium price will decrease and the equilibrium quantity will not change.
Correct Answer:
Verified
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