Microeconomics Full-Length Practice Test 2Microeconomics Full-Length
Practice Test 2
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- Question 5 refers to the following graph.
The graph above shows the supply and demand curves for the lemon market. How will a price set at P(F) affect
the market for lemons?
A. There will be a surplus of Q2 – Q1 lemons.
B. There will be a surplus of Q2 – Qe lemons.
C. There will be a shortage of Q2 – Q lemons.
D. There will be a shortage of Qe – Q1 lemons.
E. There will be a surplus of Qe – Q1 lemons.Q^1 Q^2 Q^3 QuantityP(F)P(e)PriceSD