-In Figure 3-8,using the supply and demand curves denoted S₁ and D₁,respectively,if demand were to increase to D₂ and the equilibrium price stayed the same there would be a
A) surplus
B) new equilibrium at 50,000
C) shortage
D) new equilibrium at 100,000
E) new equilibrium at 75,000

Question

-In Figure 3-8,using the supply and demand curves denoted S₁ and D₁,respectively,if demand were to increase to D₂ and the equilibrium price stayed the same there would be a
A) surplus 
B) new equilibrium at 50,000 
C) shortage 
D) new equilibrium at 100,000 
E) new equilibrium at 75,000

Quizplus · Accepted Answer

If demand increases to D₂ and the equilibrium price stays the same, the quantity demanded will exceed the quantity supplied at that price, resulting in a shortage.

-In Figure 3-8,using the Supply and Demand Curves Denoted S₁