Figure 3.4:
-Which panel of Figure 3.4 represents the changes in the market for parking spaces when the student population increases on a college campus and one parking lot has been destroyed to build a new building?

Question

Figure 3.4: 
-Which panel of Figure 3.4 represents the changes in the market for parking spaces when the student population increases on a college campus and one parking lot has been destroyed to build a new building?

Quizplus · Accepted Answer

Panel C correctly represents the situation where the demand for parking spaces increases due to a rise in the student population, and the supply decreases because a parking lot has been destroyed. This results in both the price and the quantity of parking spaces changing.

Figure 3.4: -Which Panel of Figure 3.4 Represents the Changes in the Changes