In the figure above, using the midpoint method, what is the price elasticity of demand between points A and B?

When the price of a good is higher than the equilibrium price, a. a shortage will exist

b. buyers desire to purchase more than is produced. c. sellers desire to produce and sell more than buyers wish to purchase. d. quantity demanded exceeds quantity supplied.

If, at the current price, there is a surplus of a good, then

a. the quantity supplied is greater than the quantity demanded. b. the market must be in equilibrium c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.