Multiple Choice
A surplus of a product will arise when price is
A) above equilibrium, with the result that quantity demanded exceeds quantity supplied.
B) above equilibrium, with the result that quantity supplied exceeds quantity demanded.
C) below equilibrium, with the result that quantity demanded exceeds quantity supplied.
D) below equilibrium, with the result that quantity supplied exceeds quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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