Where is the surplus on here too?
Homework Answers
At a price lower than the equilibrium price, the quantity supplied is lower than the quantity demanded. This creates a shortage of the good in the market.
Similarly, at a price higher than the equilibrium price, the quantity demanded is lower than the quantity supplied. Therefore, there is a surplus of good in the market.
In the given question,
Equilibrium price = PB; PC < PB => There is a shortage at PC
Similarly, PA>PB => There is a surplus at PA
Ans: PC
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Where is the surplus on here too?
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