Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The supply and demand model shows us that: Select one: a.if there is a shortage in a market, competition will make the price rise and

The supply and demand model shows us that:

Select one:

a.if there is a shortage in a market, competition will make the price rise and the shortage will be eliminated

b.profit seeking firms will push the price so high that eventually nobody will buy the good and the market will dissolve

c.if there is a surplus in a market, buyers will change their preferences and decrease their demand until the surplus is gone.

d.once a market reaches equilibrium, the market price will stay the same, even if supply and demand change in the future.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Crashed How A Decade Of Financial Crises Changed The World

Authors: Adam Tooze

1st Edition

0143110357, 9780143110354

More Books

Students also viewed these Economics questions

Question

3. I know I will be able to learn the material for this class.

Answered: 1 week ago