Multiple Choice
Refer to the above figure. Other things being equal, if price is at P2, then we would expect
A) price to decline until an equilibrium is achieved at P0.
B) consumers to reduce their offering price for the good.
C) an excess quantity demanded to occur.
D) consumers to bid against each other for goods and force the price still higher.
Correct Answer:
Verified
Correct Answer:
Verified
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