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Which of the following is most likely to occur when a competitive market adjusts from one equilibrium to another?
1. A decrease in demand will cause the equilibrium price, equilibrium quantity, and total surplus to increase.
2. An increase in demand will cause the equilibrium price, equilibrium quantity, and producer surplus to increase.
3. A decrease in supply will cause the equilibrium price to decrease, the equilibrium quantity to increase, and consumer surplus to decrease.
4. An increase in supply will cause the equilibrium price to increase, the equilibrium quantity to decrease, and consumer surplus to increase.
5. a decrease in supply and increase in demand will cause the equilibrium quantity to decrease but the equilibrium price to be indeterminate.
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