In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. Refer to the given information. A decrease in the number of consumers of product X will:
A. decrease S, decrease P, and decrease Q.
B. increase D, increase P, and increase Q.
C. decrease D, decrease P, and decrease Q.
D. decrease D, decrease P, and increase Q.
Answer: C. decrease D, decrease P, and decrease Q.
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