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Suppose that in the rice market demand shifts greatly due to a new rice diet that is being marketed heavily in the U.S. as a
Suppose that in the rice market demand shifts greatly due to a new rice diet that is being marketed heavily in the U.S. as a cure for cancer. Simultaneously the supply curve shifts slightly due to a healthy rainy season that positively affects the rice crop in California. What is the most likely outcome in this situation? Group of answer choices equilibrium price decreases and quantity increases equilibrium price and quantity increases equilibrium price increases and quantity decreases equilibrium price and quantity decreases
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