The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada.
TABLE 3-4
Refer to Table 3-4. Which of the following statements best describes the change in equilibrium price and quantity in this market between Year 1 and Year 2?
◦ The demand curve has shifted to the right, the supply curve has shifted to the left; as a result equilibrium price is higher and equilibrium quantity is lower.
◦ The demand curve has shifted to the left, the supply curve has shifted to the right; as a result equilibrium price is lower and equilibrium quantity is higher.
◦ The demand curve has shifted to the left, the supply curve has shifted to the left; as a result equilibrium price is higher and equilibrium quantity is lower.
◦ The demand curve has shifted to the left, the supply curve has shifted to the right; as a result equilibrium price is higher and equilibrium quantity is lower.
◦ There is no change in equilibrium price or quantity from Year 1 to Year 2.
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