We know demand depends on a consumers' utility, and supply depends on the cost of production and the number of firms. Gi

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We know demand depends on a consumers' utility, and supply depends on the cost of production and the number of firms. Given this knowledge, which of the scenarios below can we illustrate with the microeconomic supply and demand model? 1. Why the average price of houses has changed 2. Why the number of babies born in a year changes 3. Why the quantity of milk produced has changed. 4. How inflation changes the goods produced in an entire economy. O a. options 1 and 3 (only) O b. options 1, 2, and 3 (not 4) O c. options 1, 2, 3, and 4 (all) O d. 1, 2, and 4 (not 3)