$\text { Exhibit 3-15 Supply and demand curves for good } \mathrm { X }$

question 3

Multiple Choice

$\text { Exhibit 3-15 Supply and demand curves for good } \mathrm { X }$
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.