Refer to the information provided in Figure 3.19 below to answer the question(s) that follow.
Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. $5.00; 10
B. $7.00; 6
C. $7.00; 7
D. $5.00; 4
Answer: A
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