16.Using simple supply and demand analysis what is the most likely explanation for an increase in equilibrium price and reduction in equilibrium quantity of paperback books.
  1. A decrease in the popularity of recreational reading.
  2. A decrease in the retail price of hardback books.
  3. An increase in the cost of binding and printing paperback books.
  4. An increase in the number of books made into movies.
  5. An increase in the popularity of movies.

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