Asked by
Katherine Marie
on Oct 13, 2024
Verified
When the market price of a good is below its equilibrium price,competition among
A) buyers will push the price up.
B) buyers will push the price down.
C) sellers will push the price up.
D) sellers will push the price down.
Equilibrium Price
A price where the supplied goods quantity is identical to the demanded goods quantity.
- Describe the role of competition in driving market prices towards equilibrium.
Verified Answer
CC
Learning Objectives
- Describe the role of competition in driving market prices towards equilibrium.