-Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and an increase in demand are represented by a movement from

Question

Quizplus · Accepted Answer

A decrease in supply would shift the supply curve to the left, and an increase in demand would shift the demand curve to the right, both actions resulting in a higher equilibrium price and quantity, which is represented by moving from point c to point a.

-Figure 45 Illustrates a Set of Supply and Demand Curves for for Hamburgers