Figure 2.3.1 -The Effect of the September 11 Attacks on the World

Multiple Choice

Figure 2.3.1
-The effect of the September 11 attacks on the World Trade Center on the market for office space in downtown Manhattan was that both the equilibrium price and the equilibrium quantity fell. What is the most likely explanation for this?

A) Supply and demand both shifted left, and the magnitude of the demand shift was greater.
B) Supply and demand both shifted left, and the magnitude of the supply shift was greater.
C) Supply shifted left, demand shifted right, and the magnitude of the demand shift was greater.
D) Supply shifted left, demand shifted right, and the magnitude of the supply shift was greater.