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

Question

Quizplus · Accepted Answer

An increase in supply would shift the supply curve to the right, leading to a lower equilibrium price and a higher equilibrium quantity. A decrease in demand would shift the demand curve to the left, leading to a lower equilibrium price and a lower equilibrium quantity. The combination of these two shifts would result in a movement from point a to point c, where the price is lower than at point a, and the quantity could be higher or lower depending on the magnitude of the shifts.

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