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Question 1 {Mandatory} [1 point] The table below displays hypo theh'cai demand and supply schedules for the market for overnight parcel deliveries in Canada. Quantity Demanded Quantity Supplied {millions} {millions} Price {$) 30 26 22 13 14 10 TABLE 3-4 Refer to Table 3-4. Which of the following statements best describes the change in equilibrium price and quantity in this market between Year 1 and Year 2? O The demand cunre has shifted to the left, the supply curve has shifted to the left; as a result equilibrium price is higher and equilibrium quantity is lower. 0 The demand cunre has shifted to the right, the supply curve has shifted to the left; as a result equilibrium price is higher and equilibrium quantity is lower. 0 The demand cunre has shifted to the left, the supply curve has shifted to the right; as a result equilibrium price is higher and equilibrium quantity is lower. 0 There is no change in equilibrium price or quantity from Year 1 to Year 2. O The demand cunre has shifted to the left, the supply curve has shifted to the right; as a result equilibrium price is lower and equilibrium quantity is higher. Question 2 (Mandatory) [1 point) The demand and supply schedules for a hypothetical Canadian market for barley are glven below: Quantity Quantity Demanded Supplied (million tonnes} [million tonnes) 125 360 325 Price ($ per tonne) TABLE 3-3 Refer to Table 3-3. If the price in this market was $100 per tonne, then the amount of barley actually purchased would be ________ million tonnes. Question 3 (Mandatory) (1 point) S Price of 1-bedroom apartments (dollars) 1400 1200 1000 SOC 500 400 200 D 100 150 200 250 300 350 400 450 500 Quantity of 1-bedroom apartments FIGURE 3-4 Refer to Figure 3-4. If the price of 1-bedroom apartments in Collegetown were $1400, there would be a of apartments. surplus; 100 surplus; 150 shortage; 300 surplus; 300 O shortage; 150