Textbooks change the equilibrium price-quantity in market

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Reference no: EM131238872

Assume that the demand for textbooks is perfectly elastic. How would a decrease in the supply of textbooks change the equilibrium price and quantity in the market? Assume that the supply curve is upward-sloping as usual.

A) Equilibrium price remains unchanged and equilibrium quantity decreases.

B) Equilibrium price increases and equilibrium quantity remains unchanged.

C) Equilibrium price increases and equilibrium quantity decreases.

D) Equilibrium price remains unchanged and equilibrium quantity increases.

Reference no: EM131238872

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