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Which of the following statements is (are) correct? x) If the supply of a product decreases or demand for a product increases, then a shortage exists at the initial equilibrium price and the price would rise to a new equilibrium price

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Which of the following statements is (are) correct?

x) If the supply of a product decreases or demand for a product increases, then a shortage exists at the initial equilibrium price and the price would rise to a new equilibrium price.

y) If the demand for a product decreases or the supply of a product increases, the market would experience a surplus at the initial equilibrium price and the price would fall to a new equilibrium price.

z) If the demand for a product decreases, then a surplus exists at the initial equilibrium price and the quantity would rise to a new equilibrium quantity.

a) (x), (y) and (z)

b) (x) and (y) only

c) (x) and (z) only

d) (y) and (z) only

e) (y) only