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What happens in the graph when the price of bottled water rises?

What happens in the graph when the price of bottled water rises?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 2E: The price elasticity of demand for personal computers is estimated to be 2.2. If the price of...
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What happens in the graph when the price of bottled water rises?

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✔ A rise in the price of a substitute, a fall in the price of a complement, a rise in the expected future price of the good, a increase in income (normal good), a increase in population, or in increase in the preference for the good, increases demand, and the demand curve shifts rightward from D to D₂. Reset Price (dollars per bottle) 2.50 2.00 1.50 1.00 0.50 7 Decrease in demand 8 Increase in demand 'D₁ "Do D₂ 9 12 13 10 11 Quantity (millions of bottles per day)
Transcribed Image Text:✔ A rise in the price of a substitute, a fall in the price of a complement, a rise in the expected future price of the good, a increase in income (normal good), a increase in population, or in increase in the preference for the good, increases demand, and the demand curve shifts rightward from D to D₂. Reset Price (dollars per bottle) 2.50 2.00 1.50 1.00 0.50 7 Decrease in demand 8 Increase in demand 'D₁ "Do D₂ 9 12 13 10 11 Quantity (millions of bottles per day)
What happens in the graph when the price of bottled water rises? OA. The demand curve shifts leftward. OB. A movement occurs up along the demand curve. C. The demand curve shifts rightward. OD. A movement occurs down along the demand curve.
Transcribed Image Text:What happens in the graph when the price of bottled water rises? OA. The demand curve shifts leftward. OB. A movement occurs up along the demand curve. C. The demand curve shifts rightward. OD. A movement occurs down along the demand curve.
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