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If the demand for pianos decreases at the same time as the supply of pianos decreases, what will happen to equilibrium price and quantity?

A

The equilibrium price will increase and the equilibrium quantity will stay the same.

B

The equilibrium price will stay the same and the equilibrium quantity will increase.

C

The equilibrium price will decrease and the change in equilibrium quantity will be unknown.

D

The equilibrium price will decrease and the equilibrium quantity will decrease.

E

The change in equilibrium price will be unknown and the equilibrium quantity will decrease.

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