Question: In Exhibit 14, if the market price of good X is initially $1.50, a movement toward equilibrium requires a. no change, because an equilibrium already

In Exhibit 14, if the market price of good X is initially

$1.50, a movement toward equilibrium requires

EXHIBIT 14 2.00 Price per unit (dollars) 1.50 1.00 0.50 0 100

a. no change, because an equilibrium already exists.

b. the price to fall below $1.50 and both the quantity supplied and the quantity demanded to fall.

c. the price to remain the same, but the supply curve to shift to the left.

d. the price to fall below $1.50, the quantity supplied to fall, and the quantity demanded to rise.

EXHIBIT 14 2.00 Price per unit (dollars) 1.50 1.00 0.50 0 100 Supply and Demand Curve D 200 300 S Quantity of good X (units per time period) 400

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