-In the Above Figure, If the Demand Curve Is D₂

question 162

Multiple Choice

-In the above figure, if the demand curve is D₂, then

• A) an increase in price will shift the demand curve to D₃.
• B) there will be a shortage equal to Q₂ - Q₁.
• C) the equilibrium price will be P₁ and the equilibrium quantity will be Q₁.
• D) the equilibrium price will be P₁ and the equilibrium quantity will be Q₂.

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Definitions:

Professional Football

A sport involving organized teams who play football for payment in leagues with set rules and competitions.

Income

The money or other benefits received, usually in return for labor, services, or investment, constituting the basis for consumption and savings.

MRP Curve

The Marginal Revenue Product curve, representing the additional revenue generated by employing one more unit of a resource or factor of production.

Labor Demand

The complete number of employees that employers are prepared and capable of hiring at a certain salary level during a specific timeframe.