The Following Figure Shows the Demand and Supply Curves for a Good

question 48

Multiple Choice

The following figure shows the demand and supply curves for a good. The initial demand curve is D₁ and the supply curve is S. Later, due to an external shock, the demand curve shifts to D₂.

-Refer to the figure above.After the demand curve shifts to D₂,if the price is held below the new equilibrium,then ________.

• A) the quantity demanded will equal the quantity supplied
• B) the quantity demanded will be greater than the quantity supplied
• C) the quantity demanded will be less than the quantity supplied
• D) there will be zero deadweight loss

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