Refer to the Diagram Given Below

question 227

Multiple Choice

Refer to the diagram given below. The above diagram shows the demand for and the supply of Product X.Assume that the market for Product X is competitive.If the supply curve is S₁ and the demand curve is D₀, then:

• A)a shortage would occur at any price above 0G.
• B)there is a surplus of AC units at OF.
• C)a surplus of GH units would occur.
• D)there is a shortage of AC units at OF.

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Definitions:

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