Use the following to answer questions :
Figure: Shifts in Demand and Supply III 
-(Figure: Shifts in Demand and Supply III) Look at the figure Shifts in Demand and Supply III. The figure shows how supply and demand might shift in response to specific events. Suppose consumer incomes increase. Which panel BEST describes how this will affect the market for designer boots, a normal good?
Definitions:
Lay Epistemology
It involves the methods and theories that non-experts use to acquire and justify knowledge in everyday life.
Preexisting Belief
A belief or opinion held before being exposed to new information or evidence.
Cognitive Impairments
Refers to conditions that significantly restrict an individual's mental functioning, affecting memory, attention, and decision-making.
Lay Epistemology
The study of how ordinary people form beliefs, knowledge, and understanding about the world.
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