Figure 11.1: -In Figure 11.1,at which of the following price levels would a surplus occur? A) P₁ B) P₂ but not P₃ C) P₂ and P₃ D) P₃ and P₄

Name: Figure 11.1: -In Figure 11.1,at which of the following price levels would a surplus occur? A) P 1 B) P 2 but not P 3 C) P 2 and P 3 D) P 3 and P 4
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Question

Quizplus · Accepted Answer

A surplus occurs when the price level is above the equilibrium price, leading to quantity supplied exceeding quantity demanded.

Figure 11.1: -In Figure 11.1,at Which of the Following Price Levels Would