Asked by
Bear, Kiss, Simba
on Oct 13, 2024
Verified
When the price is $2
A) quantity supplied is greater than quantity demanded and,therefore,price must rise to get to equilibrium.
B) quantity supplied is less than quantity demanded and,therefore,price must fall to get to equilibrium.
C) quantity demanded is greater than quantity supplied and,therefore,price must rise to get to equilibrium.
D) quantity demanded is greater than quantity supplied and,therefore,price must fall to get to equilibrium.
Quantity Demanded
The aggregate quantity of a product or service that buyers are ready to buy at a particular price point.
Quantity Supplied
The quantity of a commodity that producers are willing and able to sell at a particular price over a specified period of time.
Equilibrium
The state of the market when supply and demand are equal, ensuring stable prices.
- Grasp the concept of shortages and surpluses and their impact on market dynamics.
Verified Answer
TB
Learning Objectives
- Grasp the concept of shortages and surpluses and their impact on market dynamics.