Consider a Market That Is in Equilibrium

Multiple Choice

Consider a market that is in equilibrium. If the market experiences both a decrease in demand and a decrease in supply:

A) the equilibrium price and quantity will fall.
B) the equilibrium quantity will fall, but the change in the equilibrium price cannot be predicted.
C) the equilibrium price will fall, but the change in the equilibrium quantity cannot be predicted.
D) the equilibrium price and quantity will rise.