1. Which of the following is most likely to occur when a competitive market moves from one equilibrium to another? A. An increase in demand lowers the equilibrium price and increases the equilibrium quantity. B. An increase in supply lowers the equilibrium price, quantity, and producer surplus. C. A decrease in demand and increase in supply causes equilibrium price to increase but makes equilibrium quantity indeterminate. D. A decrease in demand decreases equilibrium price, quantity, and producer surplus. E. An increase in supply increases the equilibrium price and quantity and lowers producer surplus. 2. An increase in equilibrium price, equilibrium quantify, and producer surplus could be the result of. A. A decrease in supply. B. An increase in supply. C. A decrease in demand. D. An increase in demand. E. An increase in both supply and demand. 3. Use the graph attached to answer the question below. What will be the quantity demanded if the price is set at P1? A. D. B. Q1. C. Q2. D. Q3. E. Intermediate.