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 frozen yogurt.Which panel describes what happens in the market for frozen yogurt when the price of ice cream, a substitute product, increases?
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 frozen yogurt.Which panel describes what happens in the market for frozen yogurt when the price of ice cream, a substitute product, increases?
A)Panel (a) 
B)Panel (b) 
C)Panel (c) 
D)Panel (d)

Quizplus · Accepted Answer

When the price of ice cream, a substitute product, increases, it is likely that consumers will switch to frozen yogurt instead, leading to an increase in demand for frozen yogurt. This is represented by a rightward shift in the demand curve, as shown in panel (c) of the figure.

Figure 315 Alt Text for Figure 3