Which of the following will most likely result in higher prices on average compared to the predicted equilibrium price?
A) the demand curve is downward sloping; the supply curve is horizontal.
B) the supply curve is upward sloping, the demand curve is horizontal.
C) the demand and supply curves are relatively steep; the magnitudes of shortage or surplus at prices slightly below or slightly higher than the equilibrium price respectively are relatively small.
D) the demand and supply curves are relatively flat; the magnitudes of shortage or surplus at prices slightly below or slightly higher than the equilibrium price respectively are relatively large.

Question

Quizplus · Accepted Answer

The Answer of Which of the following will most likely result in higher prices on average compared to the predicted equilibrium price?
A) the demand curve is downward sloping; the supply curve is horizontal.
B) the supply curve is upward sloping, the demand curve is horizontal.
C) the demand and supply curves are relatively steep; the magnitudes of shortage or surplus at prices slightly below or slightly higher than the equilibrium price respectively are relatively small.
D) the demand and supply curves are relatively flat; the magnitudes of shortage or surplus at prices slightly below or slightly higher than the equilibrium price respectively are relatively large.

Which of the Following Will Most Likely Result in Higher