- Refer to the above diagram, in which S₁ and D₁ represent the original supply and demand curves and S₂ and D₂ the new curves. In this market:

Name: - Refer to the above diagram, in which S 1 and D 1 represent the original supply and demand curves and S 2 and D 2 the new curves. In this market:
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Question

Quizplus · Accepted Answer

An increase in demand (shift from D1 to D2) has been more than offset by an increase in supply (shift from S1 to S2), leading to a lower equilibrium price and higher equilibrium quantity.

- Refer to the Above Diagram, in Which S1 and D1

- Refer to the Above Diagram, in Which S₁ and D₁