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Given the market for apples, the population (the number of people in this market) decreases by 10%. State whether demand or supply has shifted, and
Given the market for apples, the population (the number of people in this market) decreases by 10%. State whether demand or supply has shifted, and in what direction, and whether equilibrium price and quantity will rise or fall, or if the effect cannot be determined.
Select one:
a. cannot be determined with information provided
b. demand falls, price falls and quantity falls
c. demand rises, price rises and quantity rises
d. supply rises, price falls and quantity rises
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