Question 7 of 60 1 point possible (graded) A g C a B on k cu E D' s V)- N V a 8 s a s: 50100150200250300350400450500 Quantity of Steel (millions of tons) In the market depicted in the diagram above, if the demand for steel increases and, at the same time, improvements in technology lower steel production costs, what would happen to the new equilibrium price and quantity? In the market depicted in the diagram above, if the demand for steel increases and, at the same time, improvements in technology lower steel production costs, what would happen to the new equilibrium price and quantity? 0 Price increase, quantity increase 0 Price increase, indeterminate quantity change 0 Price decrease, quantity increase 0 Indeterminate price change, quantity increase 0 Indeterminate price change, indeterminate quantity change