The diagram shows the market for a product.
Which statement about the points marked on the diagram is correct?
1 )
The distance from W to X shows a shortage of the product.
2 )
The distance from Z to Y shows a surplus of the product.
3 )
The movement from W to Y shows a fall in the quantity demanded of the product.
The movement from X to Z shows a fall in the quantity supplied of the product.
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