Referring to the previous question,which of the following best describes the adjustment to the new market equilibrium?
A) Price would fall, causing quantity supplied to decrease until the new equilibrium is reached.
B) Price would rise, causing quantity supplied to increase until the new equilibrium is reached.
C) Price would fall, causing quantity supplied to increase until the new equilibrium is reached.
D) Price would rise, causing quantity supplied to decrease until the new equilibrium is reached.
Correct Answer:
Verified
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A)A
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