Figure 4-6 -Refer to the Figure 4-6. What Happens If the Demand

question 234

Multiple Choice

Figure 4-6

-Refer to the Figure 4-6. What happens if the demand curve shifts from D₁
To D?

• A) Firms would be willing to supply less than before.
• B) People are less willing to buy the product at any price than before.
• C) People are now more willing to buy the product at any price than before.
• D) The price of the product has decreased, causing consumers to buy more of the product.

---

Definitions:

Substitute Products

Goods or services that can be used in place of each other, offering a choice to consumers and affecting demand and pricing in competitive markets.

Intense Rivalry

A competitive situation where entities aggressively compete for market share, recognition, or success in a given field.

Bargaining Power

The relative capacity of parties in a situation to exert influence over each other, especially in negotiations to dictate terms and conditions.

Multivariate

Relating to or involving multiple variables to analyze complex relationships and effects in statistical or mathematical models.