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In the Following Graph, QS and QD Represent the Supply

Question 24

Multiple Choice

In the following graph, QS and QD represent the supply and demand curves respectively. Refer to the graph to answer the question. In the following graph, Q<sub>S</sub> and Q<sub>D</sub> represent the supply and demand curves respectively. Refer to the graph to answer the question.    If the market price is £10: A)  the consumers' willingness to pay is lower than the sellers' willingness to supply. B)  there is a shortage in the market. C)  sellers will discount the price until the excess supply is sold. D)  the market is in equilibrium.
If the market price is £10:


A) the consumers' willingness to pay is lower than the sellers' willingness to supply.
B) there is a shortage in the market.
C) sellers will discount the price until the excess supply is sold.
D) the market is in equilibrium.

Correct Answer:

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