Question
Market Equilibrium Suppose that the current market price is P1, a price higher than the equilibrium price, Pe. Is this market in equilibrium or in
"Market Equilibrium"
Suppose that the current market price is P1, a price higher than the equilibrium price, Pe. Is this market in equilibrium or in a disequilibrium state?Please explain by answering the following questions.
1. Is Qd=Qs, Qd>Qs or Qd 2. Is there any excess (Xss) -- excess demand or excess supply in this market at P1? Why? 3. Will P1 stay the same or will there be a price adjustment? Why?
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Business Its Legal Ethical and Global Environment
Authors: Marianne M. Jennings
11th edition
1337103578, 978-1337514392, 133751439X, 978-0357690130, 978-1337103572
