Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand for shrimp is 200K. Which of the following correctly describes a decrease in the demand for shrimp, assuming the price of a pound of shrimp remains at $10? A) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds. B) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds. C) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp increases from 200K pounds to 270K pounds. D) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.
Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand for shrimp is 200K. Which of the following correctly describes a decrease in the demand for shrimp, assuming the price of a pound of shrimp remains at $10? A) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds. B) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds. C) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp increases from 200K pounds to 270K pounds. D) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand for shrimp is 200K. Which of the following correctly describes a decrease in the demand for shrimp, assuming the price of a pound of shrimp remains at $10?
A) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds.
B) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp decreases from 200K pounds to 150K pounds.
C) The demand curve for shrimp shifts right from D (black) to D' (blue), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.
D) The demand curve for shrimp shifts left from D (black) to D'' (red), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.
Transcribed Image Text:$15
$10
D'
$3
D
D"
150K
200K
270K
QD
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