​ In Exhibit 3-15, If the Market Price of Good X

question 99

Multiple Choice

​
In Exhibit 3-15, if the market price of good X is initially $1.50, a movement toward equilibrium requires:

• A) no change, because an equilibrium already exists.
• B) the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall.
• C) the price to remain the same, but the supply curve to shift to the left.
• D) the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.

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Definitions:

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The difference between the budgeted amount allocated for an expense and the actual amount spent.

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