Assume the Market in the Graph Shown Was Originally at Equilibrium

question 29

Multiple Choice

Assume the market in the graph shown was originally at equilibrium where demand (D) and supply (S) intersect. However, something causes the demand to shift to D₂. What could have caused such a shift?

• A)The good became more popular with consumers.
• B)Consumers expected the price of the good to drop in the near future.
• C)The good became cheaper to produce.
• D)Substitutes for this good became less expensive.

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