The graph shows the supply and demand curves for a certain product, which has a current selling price of $ 500. The laws of supply and demand most support which conclusion about the product? QuantityA. The current selling price for the product is too low.O B. The current selling price for the product is too high.C. The current selling price matches the product's equilibrium price.D. The current selling price for the product is the result of a shortage. Demand$500Supply$400$300$200$1000.1,000 2,000 3,000 4,000 5,000Price

The equilibrium price of a good decide where the demand and supply of the goods are equal.

Quantity A. The current selling price for the product is too low. B. The current selling price for the product is too high. C. The current selling price matches the product's equilibrium price. D. The current selling price for the product is the result of a shortage.

Quantity A. The current selling price for the product is too low. B. The current selling price for the product is too high. C. The current selling price matches the product's equilibrium price. D. The current selling price for the product is the result of a shortage.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section: Chapter Questions

Problem 1AA

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Question

The graph shows the supply and demand curves for a certain product, which has a current selling price of $ 500. The laws of supply and demand most support which conclusion about the product?

Quantity
A. The current selling price for the product is too low.
O B. The current selling price for the product is too high.
C. The current selling price matches the product's equilibrium price.
D. The current selling price for the product is the result of a shortage.

Demand
$500
Supply
$400
$300
$200
$100
0.
1,000 2,000 3,000 4,000 5,000
Price

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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