Lead, an input in the production of ammunition, has increased in price from $$0\mathrm{.}60/$lb in $2006$ to over $$1\mathrm{.}50/$lb in $2007.$ What happened to the equilibrium price and quantity of ammunition over this period?

Group of answer choices

The equilibrium price increased and the equilibrium quantity decreased.

The equilibrium price increased and the equilibrium quantity increased.

The equilibrium price decreased and the equilibrium quantity decreased.

The equilibrium price decreased and the equilibrium quantity increased.