Refer to the Information Provided in Figure 3

question 36

Multiple Choice

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19
-Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S₁ to S₂, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.

• A) $5.00 to $7.00; 10 to 7
• B) $5.00 to $7.00; 4 to 7
• C) $7.00 to $5.00; 7 to 4
• D) $7.00 to $5.00; 7 to 10

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