Use the Following to Answer Questions

question 59

Multiple Choice

Use the following to answer questions:
Figure: Demand, Supply Shifts
-(Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D₁ and the initial supply curve is S₁. Resource prices in this market increase; at the same time, the consumer population declines as migration causes an outflow of population to other regions. What happens to the supply curve and/or demand curve?

• A) S₁ shifts to S₂ but then shifts back to S₁. D₁ remains at D₁.
• B) S₁ shifts to S₃ and D₁ shifts to D₂.
• C) S₁ shifts to S₂ and D₁ shifts to D₃.
• D) S₁ shifts to S₂ and D₁ shifts to D₂.

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