Top Posters
Since Sunday
5
a
5
k
5
c
5
B
5
l
5
C
4
s
4
a
4
t
4
i
4
r
4
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Ryan37sport Ryan37sport
wrote...
Go to Answer
Posts: 140
Rep: 0 0
A year ago


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, and Q subscript 3. 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 plots four lines. Two decreasing lines represent D subscript 1 and D subscript 2. Two increasing lines represent S subscript 1 and S subscript 2. The lines, D subscript 1 and S subscript 1 intersect at A (Q subscript 1, P subscript 2). The lines, D subscript 1 and S subscript 2 intersect at C (Q subscript 2, P subscript 3). The lines, D subscript 2 and S subscript 1 intersect at B (Q subscript 2, P subscript 1). The lines, D subscript 2 and S subscript 2 intersect at D (Q subscript 3, P subscript 2). Three vertical dashed lines are drawn from Q1, Q2, and Q3. Three horizontal dashed lines are drawn from P1, P2, and P3.

FIGURE 3-6

Refer to Figure 3-6. If the initial demand and supply curves are D1 and S1, and demand shifts to D2, then



▸ if price remained at P2, a shortage of Q1Q3 would exist.

▸ a permanent shortage of X will result.

▸ a surplus of Q1Q3 will occur.

▸ a shortage will occur at any price above P3.

▸ all of the above
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 32 times
1 Reply
Replies
Answer verified by a subject expert
edatayedatay
wrote...
#1
Posts: 143
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Ryan37sport Author
wrote...

A year ago
Thanks for your help!!
jayfo05
wrote...

Yesterday
Good timing, thanks!
momochiime
wrote...

2 hours ago
Smart ... Thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1241 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 278
  
 4618
  
 215
Your Opinion
Where do you get your textbooks?
Votes: 372
Previous poll results: Do you trust social media networks with protecting your privacy?