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​ Refer to Exhibit 5-5. Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then: a. ​ equilibrium quantity increases from 13 to 18. b. ​ equilibrium price decreases from $6 to $4. c. ​ equilibrium quantity decreases from 15 to 13. d. ​ equilibrium price increases from $6 to $8.

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Karabo99

Answer:

c. ​ equilibrium quantity decreases from 15 to 13

Explanation:

When demand schedule is D1 and supply schedule is S1,the equilbrium is established at 13 units and price is $6.(quantity demanded = quantity supplied)

Initially when demand schedule was D2 and supply schedule was S1, equilibrium was established at 15 units and price = $8.

Equilibrium quantity decreases from 15 to 13

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