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Use the Following Diagram to Answer the Following Questions

Question 88

Multiple Choice

Use the following diagram to answer the following questions.
Use the following diagram to answer the following questions. -Refer to Diagram 4-1. When price is P₃ there is: A) an excess demand of Q<sub>3</sub> - Q₂. B) an excess demand of Q<sub>3</sub> - Q₁. C) an excess supply of Q₂ - Q₁. D) an excess supply of Q<sub>3</sub> - Q₁.
-Refer to Diagram 4-1. When price is P₃ there is:


A) an excess demand of Q3 - Q₂.
B) an excess demand of Q3 - Q₁.
C) an excess supply of Q₂ - Q₁.
D) an excess supply of Q3 - Q₁.

Correct Answer:

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