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jscubs1 jscubs1
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Short description: A graph plots quantity against price. Long description: The horizontal axis represents quantity. The vertical axis represents the price. The graph shows two lines. A decreasing line represents demand and an increasing line represents supply. The demand line starts at a point near the top-left of the graph and ends at a point near the bottom-right. The supply line starts at a point near the bottom-left of the graph and ends at a point near the top-right. The two lines intersect at a point. Three horizontal dotted lines are drawn from the points, P subscript 1, P subscript 2, and P subscript 3.

FIGURE 3-5

Refer to Figure 3-5. Ceteris paribus, if supply were to increase, this would lead to



▸ a decrease in equilibrium price and an increase in equilibrium quantity.

▸ a decrease in both equilibrium price and quantity.

▸ an increase in both equilibrium price and quantity.

▸ an increase in equilibrium price and a decrease in equilibrium quantity.

▸ no change in equilibrium price or quantity.
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Microeconomics

Microeconomics


Edition: 17th
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lampardlampard
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