Exhibit 3-16 Supply and demand curves for chairs 
In Exhibit 3-16, if the market price of chairs is initially $15, a movement toward equilibrium would require:
A) no change, because an equilibrium already exists.
B) the price to fall below $15 and both the quantity supplied and the quantity demanded to fall.
C) the price to remain the same, but the supply curve to shift to the left.
D) the price to fall below $15, the quantity supplied to fall, and the quantity demanded to rise.
Correct Answer:
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