Canvas →XCIO Figure 3-1 Figure 31 Price D Durand Quantity Refer to Figure 3-1. An increase...

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Canvas →XCIO Figure 3-1 Figure 31 Price D Durand Quantity Refer to Figure 3-1. An increase in the price of the product would

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Answer 1

Answer #1

Increase in the price is represented by movement from B to A, as this represents movement alonf the curve which happens due to price change of product.

Shift in demand curve happens due to exogenous factors hence they do not happen due to change in price.

Hence Option B is correct.

Option A - Incorrect, as it represents price decrease.

Option C - Incorrect, as it shows increase in demand rather than increase in price.

Option D - Incorrect, as it represents decrease in demand.

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Answer 2

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