Assume a Market Has an Equilibrium Price of $8

Multiple Choice

Assume a market has an equilibrium price of $8. If the market price is set at $7: I. Total surplus rises if the change in quantity is large enough.
II) Consumer surplus rises for some because of the decreased price.
III) Consumer surplus decreases for some because fewer transactions are taking place.

A) I and II only
B) II and III only
C) III only
D) I and III only