The diagram shows the market demand for and supply of a good.
Which statement is not valid?
1 )
At price $O{P_1}$, UV represents the market surplus.
2 )
At price $O{P_3}$, ${P_3}X$ represents the quantity that consumers are able and willing to buy.
If price were to fall from $O{P_1}$ to $O{P_3}$, the extra quantity demanded would be equal to the extra quantity supplied.
4 )
Price $O{P_2}$ is the market equilibrium price.
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