Refer to Exhibit 3-5. In the market shown, if equilibrium was originally at point V and is...
Refer to Exhibit 3-5. In the market shown, if equilibrium was originally at point V and is now at point Z, the new equilibrium price is __________ it was originally and the new equilibrium quantity is ____________ it was originally.
| a. |
less than; greater than |
|
| b. |
less than; less than |
|
| c. |
greater than; greater than |
|
| d. |
greater than; less than |
Homework Answers
As mentioned in the question, initially we were at point V, where our price is P and Quantity is Q (Both in black colour). But when we shift to point Z, our both new price and new quantity which are shown in red colour have decreased as we can see in the diagram.
Hence, the correct answer is Option (B) i.e. the new equilibrium price is less than it was originally and the new equilibrium quantity is less than it was originally.
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