Refer to the Above Diagram, in Which S₁ and D₁

question 241

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 the indicated shift in demand may have been caused by:

• A)a decline in the number of buyers in the market.
• B)a decline in the price of a substitute good.
• C)an increase in incomes if the product is a normal good.
• D)an increase in incomes if the product is an inferior good.

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