Refer to the above figure. Other things being equal, if price is at P2, then we would expect
A) price to decline until an equilibrium is achieved at P0.
B) consumers to reduce their offering price for the good.
C) an excess quantity demanded to occur.
D) consumers to bid against each other for goods and force the price still higher.
A
Economics
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The technique that estimates long-run costs and the minimum efficient scale by determining the scale of operation at which most firms in an industry are concentrated is called the:
A) engineering estimation technique. B) statistical cost estimation technique. C) survivor approach. D) back-of-the-envelope approach.
Economics
Pure public goods involve positive externalities.
A. True B. False C. Uncertain
Economics