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 ________.

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

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 ________.

Quizplus · Accepted Answer

At a price of P3, there is excess demand in the market for X, which creates upward pressure on the price to rise as consumers compete to purchase the limited supply.

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

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