PRICE 20 18 16 14 12 10 8 6 4 2 Demand. Supply... 2 4 6 8 10 12 14 16 18 20 QUANTITY Refer to Figure 6-5. Which of the following statements is not correct? When the price is $6, there is a surplus of 8 units. When the price is $10, quantity supplied equals quantity demanded. When the price is $12, there is a surplus of 4 units. When the price is $16, quantity supplied exceeds quantity demanded by 12 units.

PRICE 20 18 16 14 12 10 8 6 4 2 Demand. Supply... 2 4 6 8 10 12 14 16 18 20 QUANTITY Refer to Figure 6-5. Which of the following statements is not correct? When the price is $6, there is a surplus of 8 units. When the price is $10, quantity supplied equals quantity demanded. When the price is $12, there is a surplus of 4 units. When the price is $16, quantity supplied exceeds quantity demanded by 12 units.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 1PA

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