Explain what happens when prices are set above equilibrium. What conditions exist in disequilibrium and how does the market adjust back to equilibrium? Draw a graph to illustrate and include relevant labels.

Explain what happens when prices are set above equilibrium. What conditions exist in disequilibrium and how does the market adjust back to equilibrium? Draw a graph to illustrate and include relevant labels.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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