The Graph Shown Depicts the Market for a Good

question 53

Multiple Choice

The graph shown depicts the market for a good. Assume the market was originally in equilibrium where the demand curve (D) and supply curve (S1) intersect. Something changes in the market, and the supply curve shifts to S2. Which of the following statements is true?

• A)The equilibrium price will decrease by $5.
• B)The equilibrium quantity will increase by 20 units.
• C)The equilibrium price will increase by $5.
• D)The equilibrium quantity will increase by 30 units.

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