Price 0 J K S₁ Quantity M L D₁ D₂ S₂ Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D2 the new curves. In this market the indicated shift in demand may have been caused by: O a decline in the number of buyers in the market. O a decline in the price of a substitute good. O an increase in incomes if the product is a normal good. O an increase in incomes if the product is an inferior good.

Price 0 J K S₁ Quantity M L D₁ D₂ S₂ Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D2 the new curves. In this market the indicated shift in demand may have been caused by: O a decline in the number of buyers in the market. O a decline in the price of a substitute good. O an increase in incomes if the product is a normal good. O an increase in incomes if the product is an inferior good.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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