The diagram shows the demand and supply conditions in the competitive market for product X. The initial demand and supply are D₀and S₀respectively. As a result of the pandemic, both demand and supply shift to the left, to D₁and S₁. What can you conclude about the changes in market equilibrium price and output, and the relative magnitude of the two shifts? ChooseTHREEout the following:

Price 0 A B C Quantity The diagram shows the demand and supply conditions in the competitive market for product X. The initial demand and supply are DO and 50 respectively. As a result of the pandemic. both demand and supply shift to the left. to D1 and 51. What can you conclude about the changes in market equilibrium price and output, and the relative magnitude of the two shifts? Choose THREE out the following: C] The equilibrium price is lower. C] The equilibrium price is higher. C] The equilibrium price is unchanged. C] The equilibrium output is lower. C] The equilibrium output is higher. C] The equilibrium output is unchanged. C] The demand shift is bigger than the supply shift. C] The demand shift is smaller than the supply shift. C] The demand shift is equal to the supply shift