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Assume that, in the market for rice, the equilibrium price went up and the equilibrium quantity went down. Which of the following events is likely
Assume that, in the market for rice, the equilibrium price went up and the equilibrium quantity went down. Which of the following events is likely to have happened?
a.People's tastes have changed, and more people prefer bread to rice.
b.The price of bread has increased.
c.Tariffs on rice decreased, and more rice was imported.
d.Due to severe weather conditions, farmers could not produce as much rice as usual.
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