Asked by
Shelby Thomas
on Nov 04, 2024
Verified
Refer to Table 3.2. If the price per cheeseburger is $5, the price will
A) remain constant because the market is in equilibrium.
B) decrease because there is an excess demand in the market.
C) increase because there is an excess demand in the market.
D) decrease because there is an excess supply in the market.
Excess Demand
Occurs when the quantity demanded of a good or service at the current price exceeds the quantity supplied, often leading to upward pressure on prices.
Market Equilibrium
A state where the supply of goods matches demand, resulting in stable prices.
- Investigate the results of price alterations on the equilibrium state of markets.
Verified Answer
JH
Learning Objectives
- Investigate the results of price alterations on the equilibrium state of markets.