At the initial market equilibrium, the income elasticity of demand for public bus transport is -0.4, and the price elasticity of supply is +1.2. Then, there is a 5% increase in consumers' average real income.
Which one of the following combinations, A, B, C or D, is most likely to show the changes in the market equilibrium price and quantity?
Price: Higher | Quantity: Lower
Price: Higher | Quantity: Higher
Price: Lower | Quantity: Lower
Price: Lower | Quantity: Higher