FIGURE 3-3
-Refer to Figure 3-3. At a price of P3 there is excess in the market for X and pressure for the price to
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Name: FIGURE 3-3 -Refer to Figure 3-3. At a price of P3 there is excess in the market for X and pressure for the price to )
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Question

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At a price of P3, there is excess supply in the market for X, which means that the quantity supplied is greater than the quantity demanded. This creates downward pressure on the price, causing it to fall.

FIGURE 3-3 -Refer to Figure 3-3. at a Price of P3 There