mand for the product, for which the price was set at P1, increased? Select one: a. The new price P2 would be the same as the old price P1, and the supply would remain the same. b. The new price P2 would be higher than the previous price P1 and supply would increase. c. The new price P2 would be higher than the previous price P1 and supply would decrease. d. The new price P2 would be lower than the previous price P1 and supply would decrease.