Answered: If the price in a market is above the…

If the price in a market is above the equilibrium price, this creates a. a shortage b. a surplus c. neither a shortage nor a surplus

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 11SCQ: Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate...

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Q: Discuss the market equilibrium price and quantity (give examples on surplus and shortage)

Question

If the price in a market is above the equilibrium
price, this creates
a. a shortage
b. a surplus
c. neither a shortage nor a surplus

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