FIGURE 3-3 Refer to Figure 3-3.At a price of P₁ there would be excess supply equal to

Name: FIGURE 3-3 Refer to Figure 3-3.At a price of P 1 there would be excess supply equal to
Brand: Quizplus
Rating: 4.9 (48 reviews)

Question

Quizplus · Accepted Answer

At a price of P₁, the quantity demanded is Q₂ and the quantity supplied is Q₄, creating an excess supply of Q₄ - Q₂ = S1U1B2. Therefore, choice C is the correct answer.