Price $12 G5 D1 299 D2 S1 S2 19 14 $10 8 $8 11 $6 13 $4 16 $2 18 25622 12 17 15 15 18 13 21 11 2986 12 10 24 9 4 Table 5-1 Refer to Table 5-1. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the a. equilibrium price increases from $6 to $8 b. equilibrium quantity increases from 13 to 18. Oc equilibrium quantity decreases from 15 to 13. d. equilibrium price decreases from $6 to $4.
Price $12 G5 D1 299 D2 S1 S2 19 14 $10 8 $8 11 $6 13 $4 16 $2 18 25622 12 17 15 15 18 13 21 11 2986 12 10 24 9 4 Table 5-1 Refer to Table 5-1. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the a. equilibrium price increases from $6 to $8 b. equilibrium quantity increases from 13 to 18. Oc equilibrium quantity decreases from 15 to 13. d. equilibrium price decreases from $6 to $4.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Price
D1
D2
$12
5
29
S1
S2
19
14
$10
8
$8
11
$6
13
$4
16
$2
18
25622
12
17
15
18
13
21
11
24
9
2864
153 O
12
10
Table 5-1
Refer to Table 5-1. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D1 to D2, then:
a. equilibrium price increases from $6 to $8✔
b. equilibrium quantity increases from 13 to 18.
c. equilibrium quantity decreases from 15 to 13.
d. equilibrium price decreases from $6 to $4.
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