The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
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- A Raise the price of the commodity and affect the quantity in an indeterminate way
- B Decrease the equilibrium quantity and affect the price in an intermediate way
- C Raise its price as well as the equilibrium quantity
- D Lower it price while affecting the equilibrium quantity in an interminate way
Correct Answer: Option C
Explanation:
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