At the current price there is a shortage of a product. We would expect price to:

At the current price there is a shortage of a product. We would expect price to:
1). increase, quantity demanded to increase, and quantity supplied to decrease
2). increase, quantity demanded to decrease, and quantity supplied to increase
3). increase, quantity demanded to increase, and quantity supplied to increase
4). decrease, quantity demanded to increase, and quantity supplied to decrease

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