What is wrong with the following statement? The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity.

Assume that the demand and supply functions for each bottle of Beer ABC are. Quantity Demand= 1,000 – 400P Quantity Supply  = 100P If a price ceiling is set at $2.50 for each bottle, what will be the impact on the market equilibrium?  Any changes in quantity demand or quantity supplied?

Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? Select the correct answer.   It should state that market supply is the sum of the quantities of natural   gas that producers are willing and able to sell at every price.   It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.   There is no flaw in this statement.   It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price.

In a competitive market, if price is higher than the equilibrium price then the quantity demanded will be lower than the quantity supplied. True or False