The diagram below shows the demand and supply curves for refrigerators in Canada.
FIGURE 33-1
-Refer to Figure 33-1.At the price P0,the quantity of refrigerators imported into the Canadian market is
Definitions:
Surplus
An excess of production or supply over demand.
Excess Supply
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, leading to downward pressure on the price.
Equilibrium Quantity
The amount of products or services that are both offered and sought after at the balance price, where the supply meets the demand exactly.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.
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