The services of farmers are an example of:

Explain the economic concept of convergence

What will be an ideal response?

If the price of a good is below the equilibrium price,

a. suppliers will find inventories building; they will cut output and raise prices. b. suppliers will find inventories being depleted. They will increase production and raise prices. c. the demand curve will shift down until an equilibrium is established at the existing price. d. the supply curve will shift up until an equilibrium is established at the existing price.