What would be the situation if the price was moved from p3 to p2? a) the price would be lowered b) the price would be too high c) there would be no supply of widgets left over

The answer is C. There would be no supply of widgets leftover.

Where the supply and demand line meet on P2 is called the equilibrium. This is because the amount of supplies that are given and the amount of goods demanded are equal. And when supply and demand are at an equilibrium, there isn't be a shortage (when demand > supply) nor a surplus (when supply > demand).

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