Figure 4-19 -Refer to Figure 4-19.If Price in This Market Is Currently

question 53

Multiple Choice

Figure 4-19
-Refer to Figure 4-19.If price in this market is currently $14,then there would be a(n)

• A)surplus of 20 units.The law of supply and demand predicts that the price will rise from $14 to a higher price.
• B)excess supply of 20 units.The law of supply and demand predicts that the price will fall from $14 to a lower price.
• C)surplus of 40 units.The law of supply and demand predicts that the price will rise from $14 to a higher price.
• D)excess supply of 40 units.The law of supply and demand predicts that the price will fall from $14 to a lower price.

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