Refer to the accompanying diagram. Which of the following scenarios would explain this change in equilibrium?

Name: Refer to the accompanying diagram. Which of the following scenarios would explain this change in equilibrium?
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Question

Quizplus · Accepted Answer

If the price of a substitute good for this good (i.e. a good that can be used in place of this good) increases, consumers are more likely to switch to buying this good instead. This increases the demand for this good and shifts the equilibrium to a higher price and quantity.

Refer to the Accompanying Diagram