Refer to the information provided in Figure 3.14 below to answer the question(s) that follow. Figure 3.14
-Refer to Figure 3.14. If this market is unregulated and the price is currently $90, you would expect that the price of sunglasses would

Question

Refer to the information provided in Figure 3.14 below to answer the question(s) that follow.  Figure 3.14
-Refer to Figure 3.14. If this market is unregulated and the price is currently $90, you would expect that the price of sunglasses would

Quizplus · Accepted Answer

At a price of $90, there would be excess supply (surplus) because the quantity supplied would exceed the quantity demanded. In a free market, this leads to competition among sellers to reduce prices to attract buyers, driving the price down to the equilibrium point where quantity demanded equals quantity supplied, which is at $60 according to the scenario described.

Refer to the Information Provided in Figure 3