Multiple Choice
Select the phrase that correctly completes the following statement."A decrease in the number of manufacturers caused a decrease in the supply of sailboats.As a result, ________."
A) the price of sailboats increased and the demand for sailboats decreased
B) the equilibrium quantity of sailboats increased
C) the price of sailboats increased and the quantity demanded of sailboats decreased
D) the price of sailboats increased and the higher price caused the supply of sailboats to increase
Correct Answer:
Verified
Correct Answer:
Verified
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