Reference: Ref 4-7 (Figure: Market Changes) Refer to the figures. If the figures represent the market for a popular soda, which figure shows the effect of an increase in the price of a competing energy drink?

Question

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Figure C shows a decrease in demand for the popular soda (represented by the shift of the demand curve to the left) due to an increase in the price of a competing energy drink. As a result, the equilibrium quantity decreases, and the equilibrium price could either increase or decrease depending on the magnitude of the demand shift compared to the supply shift.

Reference: Ref 4-7 (Figure: Market Changes) Refer to the Figures