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(Solved): QUESTION 1 (4 Marks) 1. Use the diagram below to answer the question below. The diagram depicts a de ...



QUESTION 1 (4 Marks) 1. Use the diagram below to answer the question below. The diagram depicts a decrease in the demand for pies on a campus. If at the same time there was a rent increase for food outlets on campus, then in comparison with the original equilibrium E0, there would be: A. an increase in equilibrium price and quantity. B. an increase in equilibrium quantity but a decrease in price. C. a decrease in equilibrium quantity but an increase in price. D. a decrease in equilibrium quantity but an indeterminate effect on price.



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