Question: Select the most correct answer to this question. Assume a major drought impacts hay production in the U.S. with no impact to consumption of hay.

Select the most correct answer to this question. Assume a major drought impacts hay production in the U.S. with no impact to consumption of hay. What is the impact to the market? Demand and supply shift left, equilibrium quantity and price increase No change in equilibrium price and quantity O Supply shifts left, equilibrium quantity decreases, and price increase (demand is constant) This is movement along the supply curve Supply shifts left, equilibrium quantity and price decrease (demand is constant) Demand shifts left, equilibrium quantity decreases and price increases (supply is constant)

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