Figure 3-1 -Refer to Figure 3-1.An increase in the price of a substitute would be represented by a movement from A)A to B. B)B to A. C)D₁ to D₂. D)D₂to D₁.

Question

Quizplus · Accepted Answer

An increase in the price of a substitute good would lead to an increase in demand for the product in question, represented by a shift of the demand curve to the right, from D₁ to D₂.

Figure 3-1 -Refer to Figure 3-1.An Increase in the Price of a Price