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Use the Figure Below to Answer the Following Questions

Question 102

Multiple Choice

Use the figure below to answer the following questions. Use the figure below to answer the following questions. Figure 3.4.1 -At price P<sub>1</sub> in Figure 3.4.1 A) there is a surplus in the amount of Q<sub>4</sub> - Q<sub>2</sub>. B) there is a shortage in the amount of Q<sub>4</sub> - Q<sub>2</sub>. C) there is a tendency for the price to fall. D) the equilibrium quantity is Q<sub>2</sub>. E) the equilibrium quantity is Q<sub>4</sub>. Figure 3.4.1
-At price P1 in Figure 3.4.1


A) there is a surplus in the amount of Q4 - Q2.
B) there is a shortage in the amount of Q4 - Q2.
C) there is a tendency for the price to fall.
D) the equilibrium quantity is Q2.
E) the equilibrium quantity is Q4.

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