(Figure: Market Equilibrium) Refer to the Figure

question 52

Multiple Choice

(Figure: Market Equilibrium) Refer to the figure. At a price of$3, quantity supplied is ______ and quantity demanded is______, leading to a _______.

• A)6; 2; surplus of 4 units
• B)2; 6; shortage of 8 units
• C)2; 4; surplus of 2 units
• D)4; 2; shortage of 2 units

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Definitions:

Decision-Making Process

A systematic approach to making choices among various options based on analysis and evaluation.

Gathering Information

The process of collecting data, facts, or insights from various sources for analysis, decision-making, or problem-solving.

Processing Information

The method by which individuals receive, interpret, and respond to information from their environment.

Deliberating

Engaging in careful consideration or discussion before making a decision.