Complete the following statement: If a market price is higher than the equilibrium price, a exists as the quantity demanded is than the quantity supplied, and there is a tendency for the market price to

In the market for hats, demand decreases and supply increases. If you know nothing else about happens in the market for hats, what would you predict would happen to the equilibrium price? The equilibrium price decreases The equilibrium price stays the same The equilibrium price increases There is not enough information to determine how the equilibrium price will change

When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.

In a market, if the price of a good is set below the equilibrium price, what will happen? a) Shortage b) Surplus c) Equilibrium d) Price ceiling

The island nation of Coconutistan recently suffered an unfortunate accident which took its water treatment plant offline, leaving residents without clean water in their homes. The plant for bottling water was unaffected by the accident. The graph shows the supply and demand for bottled water before the accident. Assume that $6 is the maximum price for a case of bottled water according to the price gouging laws on the island. Shift one or more curves to show the effect of the accident on the market for bottled  water. Price ($)Quantity of bottled water by the case01002003004005006007008009001,000012345678910SupplyDemandPrice ceiling What is the amount of the shortage after the accident? shortage:

One of the following factors that can best explain why there has been a decline in the equilibrium price and the equilibrium quantity of corn:A) an increase in the demand for corn.B) a decrease in the demand for corn.C) a decrease in the supply of corn.D) an increase in the supply of corn.