Consider the following events: People begin to prefer clothing made from synthetic fabrics and at the same time, a hurricane damages the cotton crop. What effect will these changes have on the equilibrium price and quantity of cotton clothing? On your own paper, draw supply and demand diagrams to investigate. Then determine the correct answer choice below. (Note: Correct answers on the exam will investigate two separate supply and demand diagrams and illustrate how the size of the shift impacts the market outcome.) O equilibrium price and equilibrium quantity both to increase. O equilibrium price will increase and equilibrium quantity is ambiguous. O equilibrium price to increase and equilibrium quantity to decrease. O equilibrium price to decrease and equilibrium quantity to increase. O equilibrium price and equilibrium quantity both to decrease. O equilibrium price is ambiguous and equilibrium quantity to decrease