Graph 6-4
-According to Graph 6-4, when the supply curve for gasoline shifts from S1 to S₂:

Name: Graph 6-4 -According to Graph 6-4, when the supply curve for gasoline shifts from S1 to S 2 :
Brand: Quizplus
Rating: 4.7 (56 reviews)

Question

Graph 6-4 -According to Graph 6-4, when the supply curve for gasoline shifts from S1 to S₂:

Quizplus · Accepted Answer

When the supply curve shifts from S1 to S2, it indicates a decrease in supply. If there is a price ceiling at P₂, which is below the equilibrium price, a shortage will occur because the quantity demanded will exceed the quantity supplied at that price.

Graph 6-4 -According to Graph 6-4, When the Supply Curve for Gasoline