​​Exhibit 3-15 Supply and Demand Curves for Good X

Multiple Choice

​​Exhibit 3-15 Supply and demand curves for good X
-In Exhibit 3-15, if the market price of good X is initially $1.50, a movement toward equilibrium requires:

A) ​no change, because an equilibrium already exists.
B) ​the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall.
C) the price to remain the same, but the supply curve to shift to the left.
D) ​the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.