The Graph Shown Depicts the Market for a Good

question 37

Multiple Choice

The graph shown depicts the market for a good. At a price of $12, there is:

• A)a surplus (excess supply)of 10,000 units.
• B)a shortage (excess demand)of 10,000 units.
• C)a shortage (excess demand)of 7,000 units.
• D)a surplus (excess supply)of 3,000 units.

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Definitions:

Insightful

Having or showing an accurate and deep understanding; perceptive.

Human Relationships

The connections and interactions between individuals, influencing social structures and personal experiences.

Intuitive Thinking

A cognitive process that involves making decisions or solving problems based on feelings, instincts, or perceptions without the use of rational processes.

Flexible

The ability to adapt or be adapted to changes, challenges, or varying needs with ease.