Which of the following statements is correct?
A) If supply decreases and demand increases, equilibrium price will rise.
B) If supply decreases and demand decreases, equilibrium quantity will rise.
C) If supply decreases and demand decreases, equilibrium price will fall.
D) If supply decreases and demand increases, equilibrium quantity will rise.
E) If supply decreases and demand remains constant, equilibrium price is indeterminate.
Correct Answer:
Verified
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