The Figure Below Shows the Supply and Demand Curves for Oranges

question 130

Multiple Choice

The figure below shows the supply and demand curves for oranges in Smallville. At a price of $4 per pound there will be an excess ______ of ______ pounds of oranges per day.

• A)supply; 20
• B)demand; 30
• C)supply; 10
• D)demand; 20

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Definitions:

Deficiency

The state of lacking a necessary quality or element, leading to inadequacy or incompleteness.

Decision Complexity

The level of difficulty and the number of factors and variables that must be considered when making a decision.

Government Regulation

The act of governing bodies setting and enforcing rules and standards on industries, businesses, and individuals to protect public interest.

Decision Complexity

The level of difficulty in making a choice, often due to the number of variables, potential outcomes, or implications involved.