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On a Supply-And-Demand Diagram,consider a Price for Which the Horizontal

question 4

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On a supply-and-demand diagram,consider a price for which the horizontal distance to the supply curve is shorter than the horizontal distance to the demand curve.There is a __________ at that price and the current price must be __________ the equilibrium price.


Definitions:

Thread Callout

An annotation on a drawing specifying the characteristics of a threaded part, such as diameter, pitch, and thread type.

Hexagonal

Relating to a shape or object having six angles and sides, often used in reference to cross-sectional shapes of bolts or nuts.

Abbreviation

A shortened form of a word or phrase used for convenience.

M

Often used as an abbreviation for "meter" in metric measurements or as a designation for thousands in units of measure.

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