If the price in the market is such that the quantity supplied exceeds the quantity demanded, then: the price is below the equilibrium price. the price is above the equilibrium price. the market is in equilibrium. the market will not adjust to equilibrium.
If the price in the market is such that the quantity supplied exceeds the quantity demanded, then: the price is below the equilibrium price. the price is above the equilibrium price. the market is in equilibrium. the market will not adjust to equilibrium.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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