All the following statements are incorrect except:
A) When a market is in equilibrium, there may be either excess demand or excess supply.
B) When a market is in equilibrium, buyers are happy because price is low.
C) When a market is in equilibrium, both excess demand and excess supply are zero.
D) When a market is in equilibrium, sellers are happy because price is high.
Correct Answer:
Verified
Q6: At the prices below the equilibrium prices:
A)
Q7: At the prices above the equilibrium price:
A)
Q8: At the prices above the equilibrium prices:
A)
Q9: The demand curve:
A) slopes down and to
Q10: The supply curve:
A) shows the quantity supplied
Q12: In a market system, the supply curve
Q13: Which of the following statements is true?
A)
Q14: Other things equal, when the price of
Q15: Other things equal, when the price of
Q16: When we study the quantity demanded of
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