Use the Figure Below to Answer the Following Questions

question 102

Multiple Choice

Use the figure below to answer the following questions. Figure 3.4.1
-At price P₁ in Figure 3.4.1

• A)there is a surplus in the amount of Q₄ - Q₂.
• B)there is a shortage in the amount of Q₄ - Q₂.
• C)there is a tendency for the price to fall.
• D)the equilibrium quantity is Q₂.
• E)the equilibrium quantity is Q₄.

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Definitions:

Asymmetrical

Describing a shape or distribution that lacks symmetry, meaning its two halves are not mirror images.

Bimodal

A distribution that has two different modes (peaks) which shows two prevailing groups or levels in the data.

Abnormal

Describes a deviation from what is considered to be normal or usual, often used in the context of medical conditions, psychological states, or statistical anomalies.

Symmetrical

Characterizing a shape or distribution that is evenly balanced around a center point or axis, so that the pattern on one side mirrors the pattern on the other.