Refer to the Information Provided in Figure 3

Multiple Choice

Refer to the information provided in Figure 3.12 below to answer the questions that follow. Figure 3.12
-Refer to Figure 3.12. The market is initially in equilibrium at Point B. If demand shifts from D2 to D1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

A) $4.00; 350
B) $3.00; 250
C) $3.00; 400
D) $4.00; 150