2. In a competitive market, if the current price is below the equilibrium price, thenPthere is a surplus.SDO there is no tendency for the price to change if from its current level.there is a shortage.none of the other options.there is a tendency for the price to decrease from its current level.

Demand curve represents quantity demanded at different price levels. It is downward sloping because…

Answered: 2. In a competitive market, if the…

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2. In a competitive market, if the current price is below the equilibrium price, then P

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 18RQ: If the price is above line equilibrium level, would you predict a surplus or a shortage? If line...

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2. In a competitive market, if the current price is below the equilibrium price, then
P
there is a surplus.
S
D
O there is no tendency for the price to change if from its current level.
there is a shortage.
none of the other options.
there is a tendency for the price to decrease from its current level.

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