Use the Following to Answer Questions

question 193

Multiple Choice

Use the following to answer questions:
Figure: Market Equilibrium
-(Figure: Market Equilibrium) Refer to the figure. At a price of $1, the market is characterized by a(n) :

• A) excess supply of 2 units.
• B) excess demand of 4 units.
• C) surplus of 4 units.
• D) shortage of 6 units.

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Definitions:

Service Revenue

Income earned by a company for the services it has provided to its customers.

Bank Loan Payable

Bank Loan Payable is the amount owed by a borrower to a bank, typically represented as a liability on the borrower's balance sheet.