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If a change in consumer tastes causes a permanent downward shift in demand for hats, but there are no changes in the cost of inputs to production of hats, the most likely market response would be: A. a short-term movement along the supply curve to a lower equilibrium price, and a long-run shift in supply. B. a short-run shift in the supply curve, causing a decline in the price of hats. C. no change in the price of hats because the costs of production have not changed. |