WAEC Economics 2019 Objective — Question 16

Question 16 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.

When the price of a good is above the equilibrium, there will be

A. a shortage
B. a surplusCorrect
C. unemployment
D. inflation

Explanation

When price is above equilibrium, suppliers are willing to supply more while consumers are willing to buy less, creating excess supply (a surplus) in the market.

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