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Figure 4-7 -Refer to Figure 4-7.At a Price of $27.50

Question 200

Multiple Choice

Figure 4-7
Figure 4-7 -Refer to Figure 4-7.At a price of $27.50, A) there is an excess supply of 50 units of the good and the law of supply and demand predicts that the price will rise from $27.50 to a higher price. B) there is an excess supply of 100 units of the good and the law of supply and demand predicts that the price will fall from $27.50 to a lower price. C) there is an excess demand of 100 units of the good and the law of supply and demand predicts that the price will fall from $27.50 to a lower price. D) there is a surplus of 75 units of the good and the law of supply predicts that the price will fall from $27.50 to a lower price.
-Refer to Figure 4-7.At a price of $27.50,


A) there is an excess supply of 50 units of the good and the law of supply and demand predicts that the price will rise from $27.50 to a higher price.
B) there is an excess supply of 100 units of the good and the law of supply and demand predicts that the price will fall from $27.50 to a lower price.
C) there is an excess demand of 100 units of the good and the law of supply and demand predicts that the price will fall from $27.50 to a lower price.
D) there is a surplus of 75 units of the good and the law of supply predicts that the price will fall from $27.50 to a lower price.

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