-Consider the market represented by Figure 3-9.If the price of the good is currently $50.00,the price will
A) fall,causing the quantity demanded to fall
B) fall,causing the quantity supplied to fall
C) rise,causing the demand curve to shift to the right
D) rise,causing the supply curve to shift to the left
E) fall,causing the supply curve to shift to the right

Question

-Consider the market represented by Figure 3-9.If the price of the good is currently $50.00,the price will
A) fall,causing the quantity demanded to fall 
B) fall,causing the quantity supplied to fall 
C) rise,causing the demand curve to shift to the right 
D) rise,causing the supply curve to shift to the left 
E) fall,causing the supply curve to shift to the right

Quizplus · Accepted Answer

If the price is above the equilibrium price, there will be a surplus, causing the price to fall and the quantity supplied to decrease.

-Consider the Market Represented by Figure 3-9