Z is a normal good. The equilibrium price and equilibrium quantity of
Z is a normal good. The equilibrium price and equilibrium quantity of Z in the year 2011 was $25 and 60 units, respectively. In 2014, the equilibrium price of Z had decreased to $15 and the equilibrium quantity had also decreased to 50 units.
Other things remaining the same, which of the following could explain this change?
A) Shift of the demand curve for Z to the left B) Shift of the demand curve for Z to the right
C) Shift of the supply curve of Z to the right D) Shift of the supply curve of Z to the left
ANSWER
A
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