Given Demand changed from D1 to D2, which of the following statements are TRUE?     This represents a decrease in demand.     This represents an increase in demand.     A possible reason for this change is lower availability of the good.     A possible reason for this change is the product has fallen out of fashion.     A possible reason for this change is a decrease in consumer income, and this is an inferior good.     A possible reason for this change is an increase in supply.     A possible reason for this change is shortage of the product.     A possible reason for this change is decrease in population in the market.     A possible reason for this change is increasing number of buyers.     A possible reason for this change is an increase in price of the good.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Given Demand changed from D1 to D2, which of the following statements are TRUE?

   

This represents a decrease in demand.

   

This represents an increase in demand.

   

A possible reason for this change is lower availability of the good.

   

A possible reason for this change is the product has fallen out of fashion.

   

A possible reason for this change is a decrease in consumer income, and this is an inferior good.

   

A possible reason for this change is an increase in supply.

   

A possible reason for this change is shortage of the product.

   

A possible reason for this change is decrease in population in the market.

   

A possible reason for this change is increasing number of buyers.

   

A possible reason for this change is an increase in price of the good.

28 P
24
20
16
12
8
D1
4
D2
4 8
12
16
20
24
Transcribed Image Text:28 P 24 20 16 12 8 D1 4 D2 4 8 12 16 20 24
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