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In the Market for Beach Umbrellas, the Equilibrium Price Has

Question 103

Multiple Choice

In the market for beach umbrellas, the equilibrium price has increased, and the equilibrium quantity has decreased. What change in this market causes these changes in price and quantity?


A) Only supply increased.
B) Both supply and demand decreased by the same amount.
C) Both supply and demand decreased, but demand decreased by a greater amount.
D) Both supply and demand decreased, but supply decreased by a greater amount.

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