Multiple Choice
Table 3-D
Use the following information about demand and supply schedules to answer the question.
-Refer to Table 3-D.Suppose that D2 and S1 are the prevailing demand and supply curves for a product.If the supply schedule changes from S1 to S2, then:
A) equilibrium price decreases from $10 to $8.
B) equilibrium quantity decreases from 15 to 12.
C) equilibrium quantity increases from 10 to 12.
D) equilibrium price increases from $10 to $12.
E) equilibrium quantity remains at 15.
Correct Answer:
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