Use the following to answer questions:
Figure: Supply, Demand, and Equilibrium 
-(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium. In the figure, there will be an excess supply of the good at a price of P1.
Definitions:
Disjunction
A logical operation that forms a compound statement from two statements, true if at least one of the statements is true.
Mutually Exclusive
Two or more events that cannot occur at the same time.
Compatible
Two events are compatible if they could both occur.
Coin Flipped
A metaphorical expression used to describe an event that has an equal probability of occurring in one of two ways.
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