A new type of synthetic netting has been developed that increases the size of each fishing boat's sardine catch. What will happen to the equilibrium price and quantity of canned sardines? Oa. Price increases; 'quantity decreases. O b. Price decreases, quantity increases. Oc. Price and quantity both decrease. Od. Price and quantity both increase.

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The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.

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A change in price of a good or service typically causes O a new equilibrium price O a change along the supply curve the supply curve to shift O a decreased demand for that specific good or service.