Question: 3. Understanding why equilibrium prices and quantities change. Consider the graph below: Price Per unit PO Q1 Q2 Quantity A. When the demand curve shifts

3. Understanding why equilibrium prices and quantities change. Consider the graph

3. Understanding why equilibrium prices and quantities change. Consider the graph below: Price Per unit PO Q1 Q2 Quantity A. When the demand curve shifts from DO to D1 there is (excess demand/excess supply) at PO. B. There (are/are not) buyers willing to pay higher prices than PO. There (are/are not) sellers willing to sell the good at prices higher than PO. C. Anincrease in price above PO (will/will not) increase the quantity supplied and (will/will not) reduce the quantity demanded. D. The market price (will/will not) rise until the quantity demanded equals the quantity supplied

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