Multiple Choice
Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:
A) the quantity demanded will be greater than 150 units.
B) the quantity supplied will be less than 150 units.
C) there will be an excess demand for good Y.
D) there will be an excess supply of good Y.
Correct Answer:
Verified
Correct Answer:
Verified
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