Suppose Both Demand and Supply Decrease

Multiple Choice

Suppose both demand and supply decrease. How do the equilibrium price and quantity change?

A) Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
B) Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
C) Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous.
D) Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.