Suppose the market for wool sweaters is initially in equilibrium. Now suppose the warmer winter has caused the demand for sweaters to decrease, and at the same time, a killer virus decimated the sheep population. As a result, in the short term, we expect to see:
a) An increase in the price of wool sweaters and a decrease in quantity demanded
b) A decrease in the price of wool sweaters and an increase in quantity demanded
c) A decrease in the price of wool sweaters and a decrease in quantity demanded
d) An increase in the price of wool sweaters and an increase in quantity demanded