2. For each of the following markets start with supply and demand equilibrium graph as given. . ! Shift the demand or the supply curve, indicate a new equilibrium point, price and quantity, and choose your answer from given options. If you are not able to draw the graphs give verbal description. In your answer state explicitly which curve will be affected by a given event, how it will shift and what will happen to the market price and quantity (4 points). A. The housing market. Consumers' incomes fall. P1 a. higher equilibrium price and lower equilibrium quantity b. lower equilibrium price, and lower equilibrium quantity c. higher equilibrium price and higher equilibrium quantity d. lower equilibrium price and higher equilibrium quantity B. The tea market. The price of sugar goes down. P1 a. higher equilibrium price and lower equilibrium quantity b. lower equilibrium price, and lower equilibrium quantity c. higher equilibrium price and higher equilibrium quantity