Refer to Graph 7-3. When the price falls from P2 to P1, which of the following is NOT true?

To determine which statement is NOT true when the price falls from P2 to P1 in the context of Graph 7-3, we need to rely on economic principles related to supply and demand.

1. Understanding Price Change: In general, when the price of a good decreases, the quantity demanded by consumers increases (law of demand).
2. Implications of Price Decrease: A drop in price may also affect the quantity supplied, often leading to a decrease in the quantity that producers are willing to supply.
3. Identify Statements: Typically, the statements that could be evaluated might include:
   • Demand increases as price decreases.
   • Supply decreases as price decreases.
   • Total revenue for sellers decreases.
   • Consumer surplus increases.

To find the statement that is NOT true, you'd analyze these implications based on the graph's context and the specific statements provided.

Without seeing the actual Graph 7-3 and the associated statements, I can't identify the incorrect statement directly. Please refer to the graph and the accompanying statements for a conclusive answer. If you can provide specific options or points from the graph, I'd be happy to help further clarify!