Figure 4.3
-Figure 4.3 illustrates the supply and demand for blue jeans.If the actual price of blue jeans is $30,we would expect the price of blue jeans to ________,the quantity of blue jeans demanded to ________,and the quantity of blue jeans supplied to ________.

Question

Quizplus · Accepted Answer

If the actual price of blue jeans is $30 and this price is above the equilibrium price, we would expect the price to decrease to reach equilibrium. This decrease in price would increase the quantity demanded (as consumers are more willing to buy at lower prices) and decrease the quantity supplied (as producers are less willing to supply at lower prices), until supply equals demand.

Figure 4.3 -Figure 4.3 Illustrates the Supply and Demand for Blue Jeans.If