A surplus is the same as an excess demand

Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for designer jeans. Which graph most likely represents which market?

A) Graph B represents the market for an original Picasso painting and Graph A represents the market for designer jeans. B) Graph A represents both the market for an original Picasso painting and designer jeans. C) Graph A represents the market for an original Picasso painting and Graph B represents the market for designer jeans. D) Graph B represents both the market for an original Picasso painting and designer jeans.

Federal subsidies to farmers can have the effect of creating a surplus in the market for certain crops

Indicate whether the statement is true or false