What happens to the equilibrium price and quantity when demand increases and at the same time supply decreases, but the demand shift is larger than the supply shift?
A) The equilibrium price rises, and the equilibrium quantity falls.
B) Both the equilibrium price and the equilibrium quantity rise.
C) The equilibrium price falls, and the equilibrium quantity rises.
D) Both the equilibrium price and the equilibrium quantity fall.
Correct Answer:
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