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The gap between demand and supply curves above the equilibrium price is

Economics
WAEC 2008

The gap between demand and supply curves above the equilibrium price is

  • A. normal demand
  • B. excess supply
  • C. equil;ibrium quantity
  • D. abnormal demand
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Correct Answer: Option B
Explanation

If the market price is above the equilibrium price, the quantity supplied is greater than the quantity demanded, creating a surplus supply.

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