Several Values of Two Functions T and S Are Listed

question 4

Multiple Choice

Several values of two functions T and S are listed in the following tables: t
0 1 2 3
T(t)
2 3 1 0
X
0 1 2 3
S(x)
1 0 3 2
Find:

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Definitions:

Surplus

A situation where the quantity supplied of a good exceeds the quantity demanded at the current price, often leading to a decrease in prices.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price over a specific period of time.

Quantity Supplied

The total amount of a product that producers are willing and able to sell at a given price over a specified period.

Equilibrium Price

The price at which the quantity of a good or service offered by suppliers equals the quantity demanded by consumers.