Which of the Following Statements Most Likely Would Account for the Shift

Multiple Choice

Which of the following statements most likely would account for the shift in the demand curve from D₂ to D₃ shown in Figure 13-5B above?

A) The firm increased its prices and consumers perceived the value of the product to be greater.
B) There were fewer product substitutes available in the marketplace.
C) Competitors in the market raised their prices.
D) A recession occurred that raised consumers' incomes.
E) The firm's price remained the same but changes occurred in consumer tastes.