Consider the market for lattes What would happen to the equilibrium price and quantity of lattes if the cost of milk, which is used to make lattes, falls? Group of answer choices Both the equilibrium price and quantity would increase. Both the equilibrium price and quantity would decrease. The equilibrium price would increase, and the equilibrium quantity would decrease. The equilibrium price would decrease, and the equilibrium quantity would increase

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Consider the market for lattes

What would happen to the equilibrium price and quantity of lattes if the cost of milk, which is used to make lattes, falls?

Group of answer choices
Both the equilibrium price and quantity would increase.
Both the equilibrium price and quantity would decrease.
The equilibrium price would increase, and the equilibrium quantity would decrease.
The equilibrium price would decrease, and the equilibrium quantity would increase.
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