Figure 4.2.1
Market Demand and Supply for Pet Rocks

-Look at Figure 4.2.1. There is a surplus if the price is

Name: Figure 4.2.1 Market Demand and Supply for Pet Rocks -Look at Figure 4.2.1. There is a surplus if the price is
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Question

Figure 4.2.1
Market Demand and Supply for Pet Rocks
 
-Look at Figure 4.2.1. There is a surplus if the price is

Quizplus · Accepted Answer

A surplus occurs when the price is set above the equilibrium price, causing quantity supplied to exceed quantity demanded. If Figure 4.2.1 shows the equilibrium price at $4, then a price above $4 would create a surplus.