If supply decreases and demand increases in a market, there will be:
A) an increase in equilibrium price, but whether equilibrium quantity increases or decreases will depend on how much supply and demand shift.
B) a decrease in equilibrium price, but whether equilibrium quantity increases or decreases will depend on how much supply and demand shift.
C) an increase in equilibrium quantity, but whether equilibrium price increases or decreases will depend on how much supply and demand shift.
D) a decrease in equilibrium quantity, but whether equilibrium price increases or decreases will depend on how much supply and demand shift.
Correct Answer:
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