If a surplus exists in a market then we know that the actual price is

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16. If a surplus exists in a market, then we know that the actual price is a, above the equilibrium price, and quantity suppl

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Answer

16. Option d. When supply exceeds
the demand the price decreases.

17. Option b. As price and quantity
demanded are inversely related

18. Option a. As the price is
greater than equilibrium price

19. Option a.

20. Option b. With the increase in
income the quantity demanded for a good decreases for an inferior
good


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