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Figure 3.4.1 Use the Figure Below to Answer the Following Questions

Question 97

Multiple Choice

Figure 3.4.1
Use the figure below to answer the following questions.
Figure 3.4.1 Use the figure below to answer the following questions. -At price P<sub>3</sub> in Figure 3.4.1, A) this market is in equilibrium. B) there is a shortage in the amount of Q₅ - Q₁. C) there is a tendency for the price to rise. D) equilibrium quantity is Q₅. E) there is a surplus in the amount of Q₅ - Q₁.
-At price P₃ in Figure 3.4.1,

A) this market is in equilibrium.
B) there is a shortage in the amount of Q₅ - Q₁.
C) there is a tendency for the price to rise.
D) equilibrium quantity is Q₅.
E) there is a surplus in the amount of Q₅ - Q₁.

Correct Answer: