Which of the following best describes the sequences of events that lead to a price increase and quantity decrease when supply decreases? Choose 1 answer: Choose 1 answer: (Choice A) When supply decreases, there is a surplus because \[Q_SQ_D\] at the old price. Price will adjust upward until the market clears at a new lower quantity. B When supply decreases, there is a shortage because \[Q_S>Q_D\] at the old price. Price will adjust upward until the market clears at a new lower quantity. (Choice C) When supply decreases, the price increases automatically to make \[Q_S=Q_D\]. C When supply decreases, the price increases automatically to make \[Q_S=Q_D\]. (Choice D) When supply decreases, there is a surplus because \[Q_S>Q_D\] at the old price. Price will adjust upward until the market clears at a new lower quantity. D When supply decreases, there is a surplus because \[Q_S>Q_D\] at