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 $30, 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 $30, you would expect that the price of sunglasses would

Quizplus · Accepted Answer

At a price of $30, there is excess demand for sunglasses, meaning the quantity demanded exceeds the quantity supplied. This situation typically leads to an increase in price. The new equilibrium price, where quantity demanded equals quantity supplied, is indicated as $60. This is the price at which the market would naturally adjust to eliminate the excess demand.

Refer to the Information Provided in Figure 3