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

Question 61

Multiple Choice

Graph 6-4
Graph 6-4 -According to Graph 6-4, when the supply curve for gasoline shifts from S<sub>1</sub> to S<sub>2</sub>: A) the price will increase to P<sub>3</sub> B) a surplus will occur at the new market price of P<sub>2</sub> C) the market price will stay at P<sub>1</sub> due to the price ceiling D) a shortage will occur at the price ceiling of P<sub>2</sub>
-According to Graph 6-4, when the supply curve for gasoline shifts from S1 to S2:


A) the price will increase to P3
B) a surplus will occur at the new market price of P2
C) the market price will stay at P1 due to the price ceiling
D) a shortage will occur at the price ceiling of P2

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