If the movement of the supply curve for product A took place, but the price failed to adjust to the new level of market equilibrium, which one of the following would likely be witnessed in the market for product A? A. there will be an excess demand in the market O B. the price is not a significant factor in determining the market equilibrium C. the new market price does not need to adjust as the price can remain constant and the market will stl be in equilibrium O D.there will be an excess supply in the market

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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If the movement of the supply curve for product A took place, but the price failed to adjust to the new level of market
equilibrium, which one of the following would likely be witnessed in the market for product A?
A. there will be an excess demand in the market
B. the price is not a significant factor in determining the market equilibrium
O . the new market price does not need to adjust as the price can remain constant and the market will still be in
equilibrium
OD.there will be an excess supply in the market
Transcribed Image Text:If the movement of the supply curve for product A took place, but the price failed to adjust to the new level of market equilibrium, which one of the following would likely be witnessed in the market for product A? A. there will be an excess demand in the market B. the price is not a significant factor in determining the market equilibrium O . the new market price does not need to adjust as the price can remain constant and the market will still be in equilibrium OD.there will be an excess supply in the market
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