​Figure 52

Multiple Choice

​Figure 5.2. The figure shows the supply and demand curves of a firm.
-Refer to figure 5.2. A shift in the supply curve from S to S₁​leads to:

A) ​a fall in price from P to P₂ and an increase in quantity supplied from Q to Q₁.
B) ​a fall in price from P to P₁ and an increase in quantity supplied from Q to Q₁.
C) ​an increase in price from P₁ to P and a fall in quantity supplied from Q₁ to Q.
D) ​a leftward movement along the demand curve of the product.
E) ​a leftward shift of the demand curve of the product.