In the Figure Given Below D₁ and S₁ Are the Initial

question 13

Multiple Choice

In the figure given below D₁ and S₁ are the initial demand and supply curves for a commodity in the market. Figure 3.3 Refer to Figure 3.3.If the change in the demand in this market occurred before the change in supply, then starting from the initial equilibrium:

• A)firms would experience a fall in profits and then a gradual increase in profits after the change in supply occurred.
• B)there would be an immediate shortage, lasting until the price reaches P₂.
• C)price would change from P₁ to P₂ after the change in demand and would change again from P₃ to P₄ after the change in supply.
• D)there would be a surplus until the price reaches P₄.
• E)there would be a surplus even after price reaches P₄.

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