When the price of a good is below its equilibrium value: Multiple Choice consumers will bid the price up. excess supply will occur. it will tend to stay below the equilibrium value. suppliers will notice their inventories are growing.

When the price of a good is below its equilibrium value: Multiple Choice consumers will bid the price up. excess supply will occur. it will tend to stay below the equilibrium value. suppliers will notice their inventories are growing.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 1MC: An individual’s value for a good or service is the amount of money he or she used to pay for a...

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When the price of a good is below its equilibrium value:
Multiple Choice
consumers will bid the price up.
excess supply will occur.
it will tend to stay below the equilibrium value.
suppliers will notice their inventories are growing

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