Question
Consider the global market for some mineral, X. In January, 2017, the equilibrium price and quantity were P = $27 per unit and Q =
Consider the global market for some mineral, X. In January, 2017, the equilibrium price and quantity were P = $27 per unit and Q = 140 million units. In January, 2019, the equilibrium price and quantity were P = $45 per unit and Q = 125 million units. Which of the following is the best possible explanation for this change in market equilibrium?
Question 6 options:
A)
There has been an increase in supply of mineral X.
B)
There has been a decrease in supply of mineral X.
C)
There has been a decrease in demand for mineral X.
D)
There has been an increase in demand for mineral X.
E)
There has been a simultaneous decrease in demand for, and increase in supply of, mineral X.
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