Question: 1.A decrease in supply will have what effect on equilibrium price and quantity? a.Both price and quantity will increase. b.Price will decrease; quantity will increase.

1.A decrease in supply will have what effect on equilibrium price and quantity?

a.Both price and quantity will increase.

b.Price will decrease; quantity will increase.

c.Both price and quantity will decrease.

d.Price will increase; quantity will decrease.

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