Use the table below to answer the following questions. Price (dollars per unit) 1 2 3...

 

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Use the table below to answer the following questions. Price (dollars per unit) 1 2 3 4 5 6 7 8 Table 3.4.1 Quantity Demanded (units) 1,100 800 600 500 420 350 320 300 Quantity Supplied (units) 50 200 420 500 580 640 680 700 Refer to Table 3.4.1. A surplus occurs if Select one: OA. the price is $1 a unit. O B. the price is $3 a unit. OC. the price is $2 a unit. O D. the price is above $4 a unit. E. the price is $4 a unit. Use the table below to answer the following questions. Price (dollars per unit) 1 2 3 4 5 6 7 8 Table 3.4.1 Quantity Demanded (units) 1,100 800 600 500 420 350 320 300 Quantity Supplied (units) 50 200 420 500 580 640 680 700 Refer to Table 3.4.1. A surplus occurs if Select one: OA. the price is $1 a unit. O B. the price is $3 a unit. OC. the price is $2 a unit. O D. the price is above $4 a unit. E. the price is $4 a unit.

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The detailed answer for the above question is provided below In economic terms a surplus occurs w... View the full answer