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In the olive oil market, an increase in the equilibrium price and a decrease in the equilibrium quantity were observed at the same time. This may be due to:
Answer Options:
a. decrease in olive oil supply.
b. increase in olive oil demand.
c. increase in olive oil supply.
d. decrease in olive oil demand.
In the olive oil market, an increase in the equilibrium price and a decrease in the equilibrium quantity were observed at the same time. This may be due to a decrease in olive oil supply.