The Figure Below Show the Demand and Supply Functions for a Product

question 233

Multiple Choice

The figure below show the demand and supply functions for a product. Decide which line shows the supply function and which line the demand function. ​ ​
Will a price above the equilibrium price result in a market surplus or shortage?
​

• A) shortage
• B) surplus

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Definitions:

Etiology

The study of causation, or origination; used particularly in the context of disease to determine its cause.

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A branch of ethics concerned with the criteria of what is morally right and wrong, focusing on the establishment of moral standards that regulate right and wrong conduct.

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Conduct that is deemed appropriate, respectful, and considerate according to societal norms and expectations.

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