(Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV. The figure shows how supply and demand might shift in response to specific events. Suppose that wool becomes less expensive. Which panel BEST illustrates how this development will affect the market for winter socks, which are made from wool? (a) Price Price x (c) D? Quantity S? D? 52 D Quantity Price Price (b) ? (d) S D? S? x Quantity D? D S? Quantity

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(Figure; Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV. The figure shows how supply and demand might shift in response to specific events. Suppose that wool becomes less expensive. Which panel BEST illustrates how this development will affect the market for winter socks, which are made from wool? (a) (b)

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