Consider the above diagram.

a)On the upper panel ... what (variable) is shown on the horizontal axis (how should it be labelled)?

b)On the lower panel ... what is shown on the horizontal axis?

c)In the upper panel does the point labelled "1" represent a higher or lower equilibrium than the point labelled "2"?

d)On the lower panel ...what is shown on the vertical axis?

e)Is P2 a higher or lower value than P1?