Asked by Keandra Moffitt on May 06, 2024
Verified
If the supply and demand curves intersect at a price of $47,then any price above that would result in:
A) a shortage.
B) a surplus.
C) equilibrium.
D) an increase in demand.
Market Equilibrium
occurs in a market when the quantity supplied equals the quantity demanded, typically represented by the intersection of supply and demand curves.
Surplus
An excess of production or supply over demand, often resulting in a decrease in prices.
- Uncover the contributing conditions that result in a market surplus or shortage.
Verified Answer
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Final Answer :
B
Explanation :
At a price above the equilibrium price of $47, the quantity supplied would exceed the quantity demanded, leading to a surplus.
Learning Objectives
- Uncover the contributing conditions that result in a market surplus or shortage.