When the price of apples is higher than the equilibrium price:
A) a surplus occurs
B) market forces will increase the price until equilibrium is reached
C) a shortage occurs
D) the market is in equilibrium
Correct Answer:
Verified
Q17: The demand curve represents:
A) the equilibrium consumption
Q18: The supply curve is derived from:
A) the
Q19: The demand curve is derived from:
A) the
Q20: Market equilibrium:
A) shifts due to changes in
Q21: When the price of apples is lower
Q23: When we study a shift in supply
Q24: Supply shifts when:
A) production costs change
B) consumers
Q25: Demand shifts when:
A) production costs change
B) producer
Q26: An increase in the demand for cotton
Q27: A drought in the corn belt will
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