Multiple Choice
When a surplus exists in a market, we know that the actual price is:
A) above equilibrium price, and quantity supplied is greater than quantity demanded.
B) above equilibrium price, and quantity demanded is greater than quantity supplied.
C) below equilibrium price, and quantity demanded is greater than quantity supplied.
D) below equilibrium price, and quantity supplied is greater than quantity demanded.
Correct Answer:
Verified
Correct Answer:
Verified
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