Answered: The graph below depicts the market for…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 3QR

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The graph below depicts the market for tea. Suppose the price of coffee increases (the two goods are substitutes in consumption). Which of the following statements shows the change in the market for tea?

a) The demand curve will shift from D₁ to D₂.

b) The demand curve will shift from D₁ to D3. c)There will be a change in the quantity demanded from Point a to Point b.

d) There will be a change in the demand from point b to point a

The graph below depicts the market for tea.
Price
Multiple Choice
D3
O
Quantity
D₁
Suppose the price of coffee increases (the two goods are substitutes in consumption). Which of the
following statements shows the change in the market for tea?
D₂
The demand curve will shift from D₁ to D2.
The demand curve will shift from D₁ to D3.
There will be a change in the quantity demanded from Point a to Point b.
13
E

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