(Figure: Market for Washing Machines) According to the figure, at a world price of $700:
A) the quantity demanded exceeds the quantity supplied, and there is downward pressure on the world price.
B) the quantity demanded exceeds the quantity supplied, and there is upward pressure on the world price.
C) the quantity supplied exceeds the quantity demanded, and there is downward pressure on the world price.
D) the quantity supplied exceeds the quantity demanded, and there is upward pressure on the world price.
Correct Answer:
Verified
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