The following figure shows the demand and supply curves for a good. The initial demand curve is D₁ and the supply curve is S. Later, due to an external shock, the demand curve shifts to D₂.

-Refer to the figure above.What is the initial equilibrium price of the good?
A) $20
B) $40
C) $60
D) $80

Question

The following figure shows the demand and supply curves for a good. The initial demand curve is D₁ and the supply curve is S. Later, due to an external shock, the demand curve shifts to D₂.
 
-Refer to the figure above.What is the initial equilibrium price of the good?
A) $20 
B) $40 
C) $60 
D) $80

Quizplus · Accepted Answer

The Answer of The following figure shows the demand and supply curves for a good. The initial demand curve is D₁ and the supply curve is S. Later, due to an external shock, the demand curve shifts to D₂.
 
-Refer to the figure above.What is the initial equilibrium price of the good?
A) $20 
B) $40 
C) $60 
D) $80

The Following Figure Shows the Demand and Supply Curves for a Good