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

Question 230

Multiple Choice

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


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

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