WAEC Economics 2020 Objective — Question 8
Question 8 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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In figure 4 above, YZ represents
- A. excess demand
- B. excess supplyCorrect
- C. equilibrium quantity
- D. equilibrium price
Explanation
YZ represents the gap between quantity supplied and quantity demanded at a price above equilibrium, which is excess supply.
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