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FIGURE 3-6 -Refer to Figure 3-6. If the Initial Demand and Supply

Question 121

Multiple Choice

FIGURE 3-6 -Refer to Figure 3-6. If the initial demand and supply curves are D1 and S1, and demand shifts to D2, then A) a permanent shortage of X will result. B) a surplus of Q1Q3 will occur. C) a shortage will occur at any price above P3. D) if price remained at P2, a shortage of Q1Q3 would exist. E) all of the above FIGURE 3-6
-Refer to Figure 3-6. If the initial demand and supply curves are D1 and S1, and demand shifts to D2, then

A) a permanent shortage of X will result.
B) a surplus of Q1Q3 will occur.
C) a shortage will occur at any price above P3.
D) if price remained at P2, a shortage of Q1Q3 would exist.
E) all of the above

Correct Answer: