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gslwong gslwong
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Short description: A graph plots the quantity of X against the price of X. Long description: The horizontal axis representing the quantity of X lists the following values from left to right: Q subscript 1, Q subscript 2, Q subscript 3, Q subscript 4, and Q subscript 5. The vertical axis representing the price of X lists the following values from top to bottom: P subscript 1, P subscript 2, and P subscript 3. The graph shows two lines. A decreasing line represents demand and an increasing line represents supply. The supply line passes through the following points: (Q subscript 1, P subscript 3), (Q subscript 3, P subscript 2), and (Q subscript 4, P subscript 1). The demand line passes through the following points: (Q subscript 2, P subscript 1), (Q subscript 3, P subscript 2), and (Q subscript 5, P subscript 3).

FIGURE 3-3

Refer to Figure 3-3. At a price of P1 there would be excess demand equal to



▸ Q1Q2.

▸ Q4Q5.

▸ Q1Q5.

▸ Q2Q4.

▸ There is no excess demand at P1.
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Microeconomics

Microeconomics


Edition: 17th
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kraftykrafty
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