If the price in a competitive market is "lower than equilibrium" then a. quantity demanded exceeds quantity supplied at that price. b. no producer can cover his costs of production at that price. c. quantity supplied exceeds quantity demanded at that price. d. producers in this industry are making a profit e. not all producers that are willing to sell at the market price are able to.

If the price in a competitive market is "lower than equilibrium" then a. quantity demanded exceeds quantity supplied at that price. b. no producer can cover his costs of production at that price. c. quantity supplied exceeds quantity demanded at that price. d. producers in this industry are making a profit e. not all producers that are willing to sell at the market price are able to.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 12P

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can you please explain this concept with other examples as well
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