Economics 0455 · IGCSE · Price determination

Price determination — practice question

The diagram illustrates the demand and supply for apples. How far is the market for apples out of equilibrium when the price is $\$2.50$ per kilo?

  • ADemand exceeds supply by 200 000 tonnes.
  • BDemand exceeds supply by 400 000 tonnes.
  • CSupply exceeds demand by 200 000 tonnes.
  • DSupply exceeds demand by 400 000 tonnes.

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