When the price of rice rises, What happens to the market quantity supplied of rice and the market quantity of rice demanded?
1) Both the market quantity supplied of rice increases and the market quantity of rice demanded decreases
2) Both the market quantity supplied of rice increases and the market quantity of rice demanded increases
3) Both the market quantity supplied of rice decreases and the market quantity of rice demanded decreases
4) Both the market quantity supplied of rice decreases and the market quantity of rice demanded increases