If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?

A) Price would increase, and quantity would decrease.
B) Price would decrease, and quantity would decrease.
C) Price would increase, and quantity would increase.
D) Price would decrease, and quantity would increase.

Supply

The total amount of a specific good or service that is available to consumers, often influenced by price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Quantity

The amount or number of a material or immaterial thing not requiring a unit of measurement to be specified or identified.