Homework Answers
Option A is correct - An increase in price due to an increase in demand
We know that an increase or decrease in demand is illustrated by a movement of the whole demand curve right or left respectively. On the other hand, an increase or decrease in quantity demanded is illustrated by the movement along the same demand curve up or down respectively.
A change in demand that causes the whole demand curve to shift is caused by factors other than the price of the good. On the other hand, a change in quantity demanded that causes a movement along the same demand curve is caused by the change in the price of the goods.
The development in the graph represents an increase in the price level from P* to P1 due to an increase in the demand (by changes in other factors) which caused the demand curve to shift from D to D1.
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"If supply and demand both decrease, quantity will decrease and price will: increase decrease not change changes are not determinable QUESTION 23 mf supply decreases and demand increases, quantity wil increase or decrease depending on the relative magnitudes of the shifts decrease increase remain unchanged
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