Which of the following statements about equilibrium price are true? Choose all that apply. A. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. B. Market equilibrium takes place almost instantly. C. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. D. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.
Which of the following statements about equilibrium price are true? Choose all that apply. A. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. B. Market equilibrium takes place almost instantly. C. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. D. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...
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Question
4.
Which of the following statements about equilibrium price are true? Choose all that apply.
A. |
Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price.
|
B. |
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C. |
A surplus occurs when the quantity supplied is above the quantity demanded at a specific price.
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D. |
Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.
|
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