-Refer to the Information Above to Answer This Question

question 42

Multiple Choice

-Refer to the information above to answer this question.All of the following statements except one are correct.Which is the exception?

• A)The equilibrium price and quantity are $10 and 70.
• B)At a price of $7,there is a surplus of 60.
• C)At a price of $11,there is a surplus of 20.
• D)At a price of $9,there is a shortage of 20.

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Definitions:

Slope

The measure of the steepness or incline of a line, indicating the rate at which y values change with respect to x values.

Budget Line

A chart that displays every possible mix of two commodities that could be bought, given a particular financial plan, with unchanging prices.

Price Ratio

The ratio expressing the relative prices of two goods or services, indicating how much of one is needed to trade for one unit of the other.

Marginal Rate

Refers to the rate at which one quantity changes with respect to a change in another quantity, commonly used in the context of taxes and interest rates.