Figure 3.5
-Figure 3.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in quantity demanded are represented by a movement from

Question

Quizplus · Accepted Answer

An increase in supply shifts the supply curve to the right, from S1 to S2. An increase in quantity demanded shifts the demand curve to the right, from D1 to D2. The new equilibrium point is at point b, where the new supply curve (S2) intersects the new demand curve (D2).

Figure 3.5 -Figure 3.5 Illustrates a Set of Supply and Demand Curves