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1.3 Price determination in a competitive market

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Question 18

In the diagrams below, S1 S_1\,S1​ and D1 D_1\,D1​ show the original supply and demand curves for Good Y, while S2 S_2\,S2​ and D2 D_2\,D2​ show shifts of these curves.

Which diagram, A, B, C or D, illustrates the effects of a fall in consumer real incomes (assuming Good Y is a normal good) and a substantial increase in the wages paid to workers in the industry producing Good Y?

Four panels representing supply and demand shifts.

Diagram A

Diagram B

Diagram C

Diagram D

1.3 Price determination in a competitive market Questions

  1. A Level
  2. /Economics
  3. /1.3 Price determination in a competitive market