Refer to the Above Diagram, in Which S₁ and D₁

question 250

Multiple Choice

Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D₂ the new curves.In this market:

• A)supply has decreased and equilibrium price has increased.
• B)demand and Supply have increased and equilibrium price has decreased.
• C)demand has decreased and equilibrium price has decreased.
• D)demand has increased and equilibrium price has increased.

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