7 If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until O the quantity demanded exceeds the quantity supplied. The market will then be in equilibrium. O quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price. all consumers will be able to afford the product. quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.
7 If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until O the quantity demanded exceeds the quantity supplied. The market will then be in equilibrium. O quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price. all consumers will be able to afford the product. quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1WNG
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