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Scenerio: There is a market for shoes (which is a component of clothing). Labor costs for...

Scenerio: There is a market for shoes (which is a component of clothing). Labor costs for clothing manufactures increase, so demand for shoes also decreases. What happens to price and quantity demanded. Express this scenerio in a graph.

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Answer #1

From the graph, it can actually be mentioned that there would be a decrease in supply where the supply curve shifts from S1 to 2 and also given there is decrease in demand which means the demand curve shifts from D1 to D2 and as a result of it the quantity demanded Decreases from Q1 to Q2 and the price can go either way where it can increase, decrease or even remain the same.

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