Refer to the Information Provided in Figure 3

Multiple Choice

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19
-Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S₂ to S₁, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

A) $5.00; 4
B) $5.00; 10
C) $7.00; 6
D) $7.00; 7