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Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the ...

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Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the ...

Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the right, and the shift in demand is greater than the shift in supply. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity.
B) a higher price and quantity.
C) a higher price and a lower quantity.
D) a lower price and a higher quantity.

Textbook

Microeconomics

Edition: 1^st

Authors: Acemoglu, Laibson, List

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