Assume the market depicted in the graph is in equilibrium at demand (D) and supply (S₁). If the supply curve shifts to S₂, and a new equilibrium is reached, which of the following is true? A) Consumer surplus increases and total surplus increases. B) Consumer surplus decreases and total surplus increases. C) Consumer surplus increases and total surplus decreases. D) Consumer surplus decreases and total surplus decreases.

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The Answer of Assume the market depicted in the graph is in equilibrium at demand (D) and supply (S₁). If the supply curve shifts to S₂, and a new equilibrium is reached, which of the following is true? A) Consumer surplus increases and total surplus increases. B) Consumer surplus decreases and total surplus increases. C) Consumer surplus increases and total surplus decreases. D) Consumer surplus decreases and total surplus decreases.

Assume the Market Depicted in the Graph Is in Equilibrium