-Refer to the information above to answer this question.All of the following statements except one are correct.Which is the exception?
A)The equilibrium price and quantity are $9 and 60.
B)At a price of $7,there is a surplus of 40.
C)At a price of $10,there is a surplus of 20.
D)At a price of $8,there is a shortage of 20.

Question

-Refer to the information above to answer this question.All of the following statements except one are correct.Which is the exception?
A)The equilibrium price and quantity are $9 and 60. 
B)At a price of $7,there is a surplus of 40. 
C)At a price of $10,there is a surplus of 20. 
D)At a price of $8,there is a shortage of 20.

Quizplus · Accepted Answer

At a price of $7, there would not be a surplus of 40. Instead, there would likely be a shortage because the price is below the equilibrium, leading to higher demand than supply. Surplus occurs when the price is above the equilibrium, causing supply to exceed demand.

-Refer to the Information Above to Answer This Question