Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P1 to P2?
A) an increase in consumer incomes
B) an increase in production costs
C) a decrease in the price of a complementary product
D) an increase in the price of a substitute product

Question

Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P1 to P2?
A) an increase in consumer incomes 
B) an increase in production costs 
C) a decrease in the price of a complementary product 
D) an increase in the price of a substitute product

Quizplus · Accepted Answer

The Answer of  Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P1 to P2?
A) an increase in consumer incomes 
B) an increase in production costs 
C) a decrease in the price of a complementary product 
D) an increase in the price of a substitute product

Refer to the Above Graph Showing the Market for a Product