If the price level is such that quantity supplied exceeds quantity demanded, there is excess demand, or a shortage in the market.
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Q2: If a market is perfectly competitive, allocative
Q3: If QS = -10 + ½ P,
Q4: Consumer surplus is the net gain to
Q5: The supply curve is positively sloped because
Q6: Market demand for a private good is
Q8: Two characteristics of a private good are
Q9: Equilibrium price is the price level at
Q10: The sum of the change in consumer
Q11: The demand faced by the perfectly competitive
Q12: If a consumer is willing to pay
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