If the movement of the supply curve for product A took place, but the price failed to adjust to the new level of market equilibrium, which one of the following would likely be witnessed in the market for product A? A. there will be an excess demand in the market O B. the price is not a significant factor in determining the market equilibrium C. the new market price does not need to adjust as the price can remain constant and the market will stl be in equilibrium O D.there will be an excess supply in the market

If the movement of the supply curve for product A took place, but the price failed to adjust to the new level of market equilibrium, which one of the following would likely be witnessed in the market for product A? A. there will be an excess demand in the market O B. the price is not a significant factor in determining the market equilibrium C. the new market price does not need to adjust as the price can remain constant and the market will stl be in equilibrium O D.there will be an excess supply in the market

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

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 8.5IP

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