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In the competitive market represented by the graph provided, which of the following is true at a price of $20?
A. There is a surplus of 60 units.
B.There is a surplus of 35 units.
C.There is a shortage of 60 units.
D.There is a shortage of 35 units.
F. The quantity sold equals 60 units.

In the competitive market represented by the graph provided, which of the following is true at a price of $20? A. There is a surplus of 60 units. B.There is a s class=

Answer :

Lanuel

In the competitive market represented by the graph provided, the statement which is true at a price of $20 is: D. There is a shortage of 35 units.

What is supply?

Supply can be defined as the total quantity of goods, resources or services that are demanded by consumers at a given period of time.

What is a perfectly competitive market?

A perfectly competitive market can be defined as a type of market in which there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This ultimately implies that, all business firms in a perfectly competitive market must be willing to take the price that is determined in the market.

In the competitive market represented by the graph provided, the statement which is true at a price of $20 is that there is a shortage of 35 units because at this price the quantity demanded exceeds the quantity supplied.

Read more on supply here: brainly.com/question/11898489

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