Homework Answers
1.If the current price is less than the equilibrium price then quantity demanded would be greater than quantity supplied which would lead to a shortage and disequilibrium.
Answer-e
2.Consumer's surplus is represented by area ABC which is above 10 units and stretches upto 100 units,below the demand curve.
Answer-B
3.Equilibrium is determined at the point where quantity demanded is equal to the quantity supplied.
Answer-C
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