Refer to the graph above, which shows the supply and demand for British pounds. D₁ and S₁ represent the initial demand and supply curves. What will be the new equilibrium point as indicated in the graph if there is an increase in consumer spending by the British for American products and a decrease in consumer spending by Americans for British products?

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The Answer of Refer to the graph above, which shows the supply and demand for British pounds. D₁ and S₁ represent the initial demand and supply curves. What will be the new equilibrium point as indicated in the graph if there is an increase in consumer spending by the British for American products and a decrease in consumer spending by Americans for British products?

Refer to the Graph Above, Which Shows the Supply and Demand