When the price of a good is above its equilibrium price: Select one: a. a shortage puts upward pressure on the price. b. a surplus puts upward pressure on the price c. a shortage puts downward pressure on the price. d. a surplus puts downward pressure on the price.
When the price of a good is above its equilibrium price: Select one: a. a shortage puts upward pressure on the price. b. a surplus puts upward pressure on the price c. a shortage puts downward pressure on the price. d. a surplus puts downward pressure on the price.
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 24P
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When the price of a good is above its equilibrium price :
Select one:
a. a shortage puts upward pressure on the price.
b. a surplus puts upward pressure on the price
c. a shortage puts downward pressure on the price.
d. a surplus puts downward pressure on the price.
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