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-In the Above Figure, If the Demand Curve Is D2

Question 417

Multiple Choice

-In the above figure, if the demand curve is D<sub>2</sub>, then A) there will be a shortage equal to Q<sub>2 </sub>- Q<sub>1</sub>. B) an increase in price will shift the demand curve to D<sub>3</sub>. C) the equilibrium price will be P<sub>1</sub><sub> </sub>and the equilibrium quantity will be Q<sub>2</sub>. D) the equilibrium price will be P<sub>1</sub><sub> </sub>and the equilibrium quantity will be Q<sub>1</sub>.
-In the above figure, if the demand curve is D2, then


A) there will be a shortage equal to Q2 - Q1.
B) an increase in price will shift the demand curve to D3.
C) the equilibrium price will be P1 and the equilibrium quantity will be Q2.
D) the equilibrium price will be P1 and the equilibrium quantity will be Q1.

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