MAY 2025Foundation
What will happen to the equilibrium price and equilibrium quantity when demand increases and supply decreases?
A
(A) The equilibrium price rises but change in equilibrium quantity is uncertain.
B
(B) Both equilibrium price and equilibrium quantity falls.
C
(C) Both equilibrium price and equilibrium quantity go up.
D
(D) The equilibrium quantity increases but the change in equilibrium price is uncertain.