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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

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 of shrimp is 200K. Which of the following correctly describes an increase 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 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 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 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 to D'' (red), and the quantity demand for shrimp increases from 200K pounds to 270K pounds.

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