Answer
The change was caused by a decrease in supply.
Work Step by Step
When equilibrium price and quantity change in opposite directions it is caused by a change in demand.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 4 - Demand, Supply, and Market Equilibrium - Exercises - 4.6 Predicting and Explaining Market Changes - Page 95: 6.7
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