Figure 3.15 Alt text for Figure 3.15a: In figure 3.15a, a graph of intersecting demand and supply curves represents a rising supply of Blu-ray disc players.
Long description for Figure 3.15a: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve S2 is a straight line, parallel to curve S1, but plotted to the right.A right pointing arrow indicates the change from S1 to S2.
Alt text for Figure 3.15b: In figure 3.15b, a graph of intersecting demand and supply curves represents a falling supply of Blu-ray players.
Long description for Figure 3.15b: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve S2 is a straight line, parallel to curve S1, but plotted to the left.A left pointing arrow indicates the change from S1 to S2.
Alt text for Figure 3.15c: In figure 3.15c, a graph of intersecting demand and supply curves represents a rising demand for Blu-ray players.
Long description for Figure 3.15c: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve D2 is a straight line, parallel to curve D1, but plotted to the right.A right pointing arrow indicates the change from D1 to D2.
Alt text for Figure 3.15d: In figure 3.15d, a graph of intersecting demand and supply curves represents a falling demand for Blu-ray disc players.
Long description for Figure 3.15d: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve D2 is a straight line, parallel to curve D1, but plotted to the left.A left pointing arrow indicates the change from D1 to D2.
-Refer to Figure 3.15.Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs.Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?
A)Panel (a)
B)Panel (b)
C)Panel (c)
D)Panel (d)

Question

Figure 3.15  Alt text for Figure 3.15a: In figure 3.15a, a graph of intersecting demand and supply curves represents a rising supply of Blu-ray disc players.
Long description for Figure 3.15a: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve S2 is a straight line, parallel to curve S1, but plotted to the right.A right pointing arrow indicates the change from S1 to S2.
Alt text for Figure 3.15b: In figure 3.15b, a graph of intersecting demand and supply curves represents a falling supply of Blu-ray players.
Long description for Figure 3.15b: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve S2 is a straight line, parallel to curve S1, but plotted to the left.A left pointing arrow indicates the change from S1 to S2.
Alt text for Figure 3.15c: In figure 3.15c, a graph of intersecting demand and supply curves represents a rising demand for Blu-ray players.
Long description for Figure 3.15c: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve D2 is a straight line, parallel to curve D1, but plotted to the right.A right pointing arrow indicates the change from D1 to D2.
Alt text for Figure 3.15d: In figure 3.15d, a graph of intersecting demand and supply curves represents a falling demand for Blu-ray disc players.
Long description for Figure 3.15d: The x-axis is labelled, Quantity and the y-axis is labelled, as Price.Curve D1 is a straight line which slopes down from the top left corner to the bottom right corner.Curve S1 is a straight line which slopes up from the bottom left to the top right.The point of intersection is at the midpoints of both lines.Curve D2 is a straight line, parallel to curve D1, but plotted to the left.A left pointing arrow indicates the change from D1 to D2.
-Refer to Figure 3.15.Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs.Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?
A)Panel (a) 
B)Panel (b) 
C)Panel (c) 
D)Panel (d)

Quizplus · Accepted Answer

A substantial increase in the price of blu-ray players would likely decrease the demand for blu-ray discs, as players and discs are complementary goods. This would be represented by a leftward shift in the demand curve, which is shown in Panel (c).

Figure 315 Alt Text for Figure 3