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jccruz jccruz
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Short description: A graph plots the quantity of X against the price of X. Long description: The horizontal axis representing the quantity of X lists the following values from left to right: Q subscript 1, Q subscript 2, and Q subscript 3. The vertical axis representing the price of X lists the following values from top to bottom: P subscript 1, P subscript 2, and P subscript 3. The graph plots four lines. Two decreasing lines represent D subscript 1 and D subscript 2. Two increasing lines represent S subscript 1 and S subscript 2. The lines, D subscript 1 and S subscript 1 intersect at A (Q subscript 1, P subscript 2). The lines, D subscript 1 and S subscript 2 intersect at C (Q subscript 2, P subscript 3). The lines, D subscript 2 and S subscript 1 intersect at B (Q subscript 2, P subscript 1). The lines, D subscript 2 and S subscript 2 intersect at D (Q subscript 3, P subscript 2). Three vertical dashed lines are drawn from Q1, Q2, and Q3. Three horizontal dashed lines are drawn from P1, P2, and P3.

FIGURE 3-6

Refer to Figure 3-6. If the demand curve shifts from D1 to D2, while supply remains at S1, one could say that



▸ the price of a good which is a substitute for X must have fallen.

▸ the price increase has caused an increase in quantity demanded.

▸ the quantity demanded has decreased to Q1 and price has fallen to P2.

▸ there has been an increase in demand for X.

▸ there is now an excess demand at the new price of P1.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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