Exhibit: Simultaneous Shifts in Demand and Supply Price per unit K M L D₁ S₁ D₂ S₂ Quantity per period (Exhibit: Simultaneous Shifts in Demand and Supply) D₁ and S₁ are original supply and demand curves, and S2 and D2 are new curves. In this market for a normal good, the shift in the demand curve may have been a result of: O a. consumers' expecting the price to go up. Ob. a decrease in the price of a substitute good. Oc. a decrease in the number of buyers.

Exhibit: Simultaneous Shifts in Demand and Supply Price per unit K M L D₁ S₁ D₂ S₂ Quantity per period (Exhibit: Simultaneous Shifts in Demand and Supply) D₁ and S₁ are original supply and demand curves, and S2 and D2 are new curves. In this market for a normal good, the shift in the demand curve may have been a result of: O a. consumers' expecting the price to go up. Ob. a decrease in the price of a substitute good. Oc. a decrease in the number of buyers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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