SS1: Economics – Theory of Demand & Supply II | Theory Questions
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Question 1 of 3
1. Question
The following table shows the number of oranges that would be bought and sold at the prices shown:
Price (₦) per orange Quantity of oranges sold Quantity of oranges bought 10 1000 400 8 800 500 6 600 600 4 400 700 2 200 1000 (a) What is the equilibrium price and quantity?
(b) At what price does the market exhibit excess demand?
(c) At what price does the market exhibit excess supply?
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Question 2 of 3
2. Question
State the law of supply
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Question 3 of 3
3. Question
With illustration explain the supply Schedule.
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