Exhibit 3-4
-Refer to Exhibit 3-4. If S₁ and D₁ are the original supply and demand curves and they shift to S₂ and D₂, respectively, then the new equilibrium price and quantity will be

Question

Exhibit 3-4

-Refer to Exhibit 3-4. If S₁ and D₁ are the original supply and demand curves and they shift to S₂ and D₂, respectively, then the new equilibrium price and quantity will be

Quizplus · Accepted Answer

Both the supply and demand curves have shifted to the right, indicating an increase in both supply and demand. This typically results in a higher equilibrium quantity and could lead to a higher or lower equilibrium price depending on the magnitude of the shifts. However, without specific details on the shifts' magnitudes and their effects on price and quantity, it's challenging to deduce the exact changes in equilibrium price and quantity. The choice provided suggests an understanding that both quantity and price are affected by shifts in supply and demand.

Exhibit 3-4 -Refer to Exhibit 3-4. If S1 and D1 Are the D1

Exhibit 3-4 -Refer to Exhibit 3-4. If S₁ and D₁ Are the D₁