During the winter months,many elderly persons leave their homes in northern New York and travel south to Florida or Arizona.What would you expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York?
A) They would both increase.
B) They would both decrease.
C) One would increase and one would decrease, but we do not know which would do what.
D) The price would increase and the quantity would decrease.
E) The price would decrease and the quantity would increase.
Correct Answer:
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