If Price Were $6,there Would Be a (Shortage or Surplus)_____

question 142

Short Answer

If price were $6,there would be a (shortage or surplus)_____ of _____.

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Definitions:

Profit Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

Deadweight Loss

A reduction in economic productivity happens when a good or service fails to reach or cannot attain its equilibrium state.

Output

The total amount of goods or services produced by a person, machine, or industry during a given period.

Price Taking Firm

A company that must accept the market price for its product, as it has no power to influence the price due to intense competition or market conditions.