Which of the following statements about equilibrium price are true? Choose all that apply. a. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. b. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same. c. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. d. Market equilibrium takes place almost instantly.
Which of the following statements about equilibrium price are true? Choose all that apply. a. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. b. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same. c. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. d. Market equilibrium takes place almost instantly.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section: Chapter Questions
Problem 2AA
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Which of the following statements about equilibrium price are true? Choose all that apply.
a. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price.
b. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.
c. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price.
d. Market equilibrium takes place almost instantly.
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