Use the following to answer questions
Exhibit: Shifts in Demand and Supply
-(Exhibit: Shifts in Demand and Supply)
Assume that the market in Panel (a)
Is in equilibrium at point M.Compared to the initial equilibrium at point N, what changes could explain what happened in this market?
A) supply decreased
B) demand decreased
C) both demand and supply decreased
D) both demand and supply increased
Correct Answer:
Verified
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