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The equilibrium price of orange is 50k. If for some reason the price rises to...

Economics
WAEC 1992
The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be
  • A. excess demand
  • B. excess supply
  • C. shortage in the market
  • D. many buyers in the market
  • E. no buyer in the market
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Correct Answer: Option B
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts