Refer to the diagram. Other things equal, an increase of product price would be shown as
A)an increase in the steepness of curve (3), an upward shift in curve (2), and an upward shift in curve (1).
B)a decrease in the steepness of curve (3), a downward shift in curve (2), and an upward shift in curve (1).
C)a downward shift in curve (4)and an upward shift in curve (1), with no changes in curves (2)and (3).
D)an upward shift in curve (2)only.

Question

Refer to the diagram. Other things equal, an increase of product price would be shown as
A)an increase in the steepness of curve (3), an upward shift in curve (2), and an upward shift in curve (1). 
B)a decrease in the steepness of curve (3), a downward shift in curve (2), and an upward shift in curve (1). 
C)a downward shift in curve (4)and an upward shift in curve (1), with no changes in curves (2)and (3). 
D)an upward shift in curve (2)only.

Quizplus · Accepted Answer

The Answer of  Refer to the diagram. Other things equal, an increase of product price would be shown as
A)an increase in the steepness of curve (3), an upward shift in curve (2), and an upward shift in curve (1). 
B)a decrease in the steepness of curve (3), a downward shift in curve (2), and an upward shift in curve (1). 
C)a downward shift in curve (4)and an upward shift in curve (1), with no changes in curves (2)and (3). 
D)an upward shift in curve (2)only.

Refer to the Diagram