Multiple Choice
Suppose that when the price of oranges is $3 per pound, the quantity demanded is 4.7 tons per day and the quantity supplied is 3.9 tons. In this case:
A) excess demand will lead the price of oranges to rise.
B) excess supply will lead the price of oranges to fall.
C) excess demand will lead the price of oranges to fall.
D) excess supply will lead the price of oranges to rise.
Correct Answer:
Verified
Correct Answer:
Verified
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