Refer to the Information Provided in Figure 4

question 8

Multiple Choice

Refer to the information provided in Figure 4.2 below to answer the question(s) that follow. Figure 4.2
-Refer to Figure 4.2. The market is initially in equilibrium at the intersection of S₂ and D_, and supply shifts from S_{2 to} S_1. Which of the following statements is true?

• A) Price will still serve as a rationing device causing quantity demanded to rise from 8 to 11 soft pretzels.
• B) There is no need for price to serve as a rationing device in this case because the new equilibrium quantity is lower than the original equilibrium quantity.
• C) Price will still serve as a rationing device causing quantity supplied to fall from 8 to 4 soft pretzels.
• D) The market cannot move to a new equilibrium until there is also a change in supply.

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