Consider the bond market illustrated in the graph below. If the current market price is higher than P1, which of the following statements is true? Price S P1 D Q1 Quantity There is a shortage of bonds in the market, and the price will increase. There is a shortage of bonds in the market, and the market price will move toward P1. There is a surplus of bonds in the market, and the market price will move toward P1. O There is a surplus of bonds in the market, and the market price will increase