If the demand for gem-quality diamonds decreases AND the supply of gem-quality diamonds decreases,what can be said about equilibrium price and quantity in this market?
A) Equilibrium price and quantity will both fall.
B) Equilibrium price and quantity will both rise.
C) Equilibrium quantity will fall, but the change in equilibrium price is uncertain.
D) Equilibrium quantity will rise, but the change in equilibrium price is uncertain.
Correct Answer:
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