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Economics · May / June 2022 · Paper 11 · Question 6

2281Price determination

The diagram shows the demand and supply for apples. To what extent is the market for apples in disequilibrium at a price of $2.50 per kilo?

  1. ADemand exceeds supply by 200 000 tonnes.
  2. BDemand exceeds supply by 400 000 tonnes.
  3. CSupply exceeds demand by 200 000 tonnes.
  4. DSupply exceeds demand by 400 000 tonnes.

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Correct answer: D. Supply exceeds demand by 400 000 tonnes.

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