The diagram below represents the market for butter.
FIGURE 4-1

-Refer to Figure 4-1. What is the shortage or surplus that exists at a market price of $4?

Name: The diagram below represents the market for butter. FIGURE 4-1 -Refer to Figure 4-1. What is the shortage or surplus that exists at a market price of $4?
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Question

The diagram below represents the market for butter.
FIGURE 4-1
 
-Refer to Figure 4-1. What is the shortage or surplus that exists at a market price of $4?

Quizplus · Accepted Answer

At a market price of $4, the quantity supplied exceeds the quantity demanded, resulting in a surplus of 4000 kilograms of butter.

The Diagram Below Represents the Market for Butter