Suppose both the equilibrium price and quantity fall for a particular product. Which of the following best explains this situation?
a. Supply and demand simultaneously increased and the shift in supply was greater than the shift in demand.
b. Supply and demand simultaneously increased and the shift in supply was less than the shift in demand.
c. Supply and demand simultaneously decreased and the shift in supply was greater than the shift in demand.
d. Supply and demand simultaneously decreased and the shift in supply was less than the shift in demand.
D
Economics
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