In the Following Graph, Q_S and Q_D Represent the Supply

question 73

Multiple Choice

In the following graph, Q_S and Q_D represent the supply and the demand curves respectively. Refer to the graph to answer the question. If the market price is £30:

• A) the market is in equilibrium.
• B) consumers may begin to bid up the price in order to buy more of the product.
• C) there is a surplus in the market.
• D) no trades will occur in the market.

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