In the diagram above, there is an excess
...
In the diagram above, there is an excess
Demand for 30 units
Supply of 40 units
Demand for 20 units
Supply of 20 units
Correct answer is B
Excess demand occured when 40 units were supplied. This is because, at this point, the demand was the same as at when 20 units was supplied. Therefore supplying 40 units when the maximum demand by the market is 20, would lead to excess supply.
Similar Questions
Another term for equilibrium price is? ...
The major reason why countries strive to achieve optimum growth is to ...
Which of the following hinder(s) effective distribution of goods in Nigeria? ...
The investment expenditure of an economy changes by N2 million and MPC is 0.75 What is the change...
Calculate the marginal physical product of the last unit of input ...
The coefficient of price elasticity of supply of land is usually___________ ...
Government revenue will increase if taxes are levied on goods with ...
Increase in the supply of a product can be caused by? ...
The slow pace of industrial growth in Nigeria can be attributed to ...