If the price of a good is equal to the equilibrium price,
a. there is a surplus and the price will rise.
b. there is a surplus and the price will fall.
c. there is a shortage and the price will rise.
d. there is a shortage and the price will fall.
e. the quantity demanded is equal to the quantity supplied and the price remains unchanged.
e. the quantity demanded is equal to the quantity supplied and the price remains unchanged.
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Economies of scale can benefit consumers to the extent that the costs of production incurred by the firms in the industry are lower than they would otherwise be
At the same time, the price-setting power of those firms is increased, which could hurt consumers. Indicate whether the statement is true or false
Inflation is the: a. the value of goods and services produced in an economy in a given period of time. b. is the value of goods and services imported by an economy in a given period of time. c. general and ongoing rise in the price level of an economy
d. general and ongoing fall in the price level of an economy.