Q15 (1 point) Refer to the figure below. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price Price (dollars) CO 2 100 200 300 400 500 600 Quantity 1) will be less than $6. 2) will be $6. 3) will be more than $6. 4) could be less than, equal to, or more than $6. Q16 (1 point) Which of the following statements is CORRECT? 1) When demand increases, both the price and the quantity increase. 2) When demand decreases, the price increases and the quantity decreases. 3) When supply increases, the quantity decreases and the price rises. 4) When supply decreases, both the price and the quantity decrease