-The Above Table Gives the Demand and Supply Schedules for Compact

Multiple Choice

-The above table gives the demand and supply schedules for compact discs. Suppose that the price of a compact disc player increases, resulting in the demand for compact discs decreasing by 8,000 units at all prices. What are the new equilibrium quantity and equilibrium price of compact discs?

A) 28,000 and $28
B) 20,000 and $20
C) 8,000 and $8
D) 16,000 and $16