Question: Critically evaluate: In comparing the two equilibrium positions in Figure 3.7b, I note that a smaller amount is actually demanded at a lower price. This

Critically evaluate: In comparing the two

Critically evaluate: In comparing the two equilibrium positions in Figure 3.7b, I note that a smaller amount is actually demanded at a lower price. This refutes the law of demand." FIGURE 3.7 Changes in demand and supply and the effects on price and quantity. The increase in demand from DD.in () increase both gulbrum price and equilibrium quantity. The decrease demand from D, to decreases both equilibrium price and coulbeum Quantity: The increase supply from 5 to Sin (c) decreases equilibrium price and increases equilibrium quantity. The decline in supply from Sto 5, nd) increases equilibrium price and decreases equilibrium quantity. The boxes in the top right comers commarize the respective changes and outcomes The uwad arrows in the bous signify increase in equilibrium price and equilibriun qanty (O)the downward arrow grity decrease in these tem. D decrease pl. 01 D (b) Decrease in den and

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