Multiple Choice
Assume the market for hammers is perfectly competitive and the current price is $15.If,at this price,the quantity of hammers demanded is 15,000,while the quantity supplied is 25,000,then
A) the market for hammers is in equilibrium.
B) the price of hammers is likely to increase.
C) the price of hammers is likely to decrease.
D) there would be no change in price.
Correct Answer:
Verified
Correct Answer:
Verified
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