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Use the Figure Below to Answer the Following Questions

Question 27

Multiple Choice

Use the figure below to answer the following questions. Use the figure below to answer the following questions. Figure 3.5.1 -If the demand curve is D<sub>2</sub> in Figure 3.5.1, A) the equilibrium price is P<sub>2</sub> and the equilibrium quantity is Q<sub>2</sub>. B) the equilibrium price is P<sub>2</sub> and the equilibrium quantity is Q<sub>0</sub>. C) there is a shortage in the amount of Q<sub>2</sub> - Q<sub>0</sub>. D) a rise in price will shift the demand curve to D<sub>3</sub>. E) the price will rise. Figure 3.5.1
-If the demand curve is D2 in Figure 3.5.1,


A) the equilibrium price is P2 and the equilibrium quantity is Q2.
B) the equilibrium price is P2 and the equilibrium quantity is Q0.
C) there is a shortage in the amount of Q2 - Q0.
D) a rise in price will shift the demand curve to D3.
E) the price will rise.

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