A luxury fashion brand sells its product in a market in equilibrium (P* and Q* are the price and quantity of this initial equilibrium). This luxury fashion brand experiences a surge in popularity due to celebrity endorsements, causing an increase in the demand for their products. However, the brand decides to reduce production to sell the same amount as in the initial equilibrium to maintain exclusivity. How will this decision impact the price and quantity of their products? Question 38 options: Price will be higher than P* and the quantity will be Q*. Price will be higher than P* and the quantity will be higher than Q*. Price will be lower than P* and the quantity will be Q*. Price will be higher than P* and the quantity will be lower than Q*