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

question 368

Multiple Choice

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

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

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Definitions:

Real GDP Growth Rates

The rate at which the inflation-adjusted value of all goods and services produced in a country grows over a specified period of time.

Rich Countries

Nations with high levels of income per capita, advanced infrastructure, and a high standard of living among their populations.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.

Real GDP Per Person

The inflation-adjusted value of goods and services produced per individual in a country.