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.