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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why would a free market mar operate at a quantity greater than the equilibrium quantity? Hint: What would be required for at transaction to occur at that quantity?

To determine

The equilibrium of a free market and why it would never operate beyond equilibrium quantity.

Explanation

A free market will never operate at a quantity greater than the equilibrium quantity, because at the price at which the free market has reached equilibrium is the price at which the demand and supply are equal with an equilibrium units of quantity demanded and supplied...

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