Figure 311 Alt Text for Figure 3

question 255

Multiple Choice

Figure 3.11 Alt text for Figure 3.11: In figure 3.11, a graph plotting intersecting supply and demand curves illustrates how supply and demand function in competitive markets.
Long description for Figure 3.11: The x-axis is labelled, Quantity, and is marked from 0 to 8 in increments of 2.The y-axis is labelled, Price, and is marked from 0 to 20 dollars in increments of 5.Curve D is a straight line which slopes down from the top left corner to the bottom right corner.Curve S is a straight line which begins in the bottom left corner and slopes up to the top right corner.The equilibrium of the 2 curves is marked at (4,10) .2 points plotted on the demand curve to the left of the equilibrium are (0,20) and (2,15) .2 points plotted on the demand curve to the right of the equilibrium are (6,5) and (8,0) .2 points plotted on the supply curve to the right of the equilibrium are (6,15) and (8,20) .2 points plotted on the supply curve to the left of the equilibrium are (2,5) and (0,0) .
-Refer to Figure 3.11.At a price of $5,

• A)there would be a surplus of 4 units.
• B)there would be a scarcity of 4 units.
• C)there would be a shortage of 6 units.
• D)there would be a shortage of 4 units.

---

Definitions:

ISIS

An insurgency that emerged from the sectarian civil wars that destabilized Syria and post–Saddam Hussein Iraq. Beginning in 2014, ISIS forces attacked towns and cities in Iraq, Syria, and Libya, systematically murdering members of ethnic and religious minorities.

Islamic State

A radical jihadist group that emerged in the early 21st century, aiming to establish a caliphate in the Middle East based on strict Sharia law, engaging in terrorism and insurgency.

Oil Drilling

The process of extracting petroleum from beneath the earth's surface by drilling wells and employing various techniques to increase the extraction rate.