Refer to the information provided in Figure 3.18 below to answer the question(s) that follow.
Figure 3.18
-Refer to Figure 3.18 The market is initially in equilibrium at Point B. If demand shifts from D2 to D1, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.
A) $4.00 to $3.00; 250 to 350
B) $4.00 to $3.00; 350 to 250
C) $3.00 to $4.00; 250 to 350
D) $3.00 to $4.00; 350 to 250
Correct Answer:
Verified
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