Economics 2281 · O Level · Price determination

Price determination — practice question

The diagram illustrates the demand and supply of apples. To what degree is the apple market in disequilibrium 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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