If the price in the market is $1,600 how will the market respond? O Prices will rise to eliminate a surplus. O Prices will fall to eliminate a surplus. O Prices will rise to eliminate a shortage. O Prices will fall to eliminate a shortage.
If the price in the market is $1,600 how will the market respond? O Prices will rise to eliminate a surplus. O Prices will fall to eliminate a surplus. O Prices will rise to eliminate a shortage. O Prices will fall to eliminate a shortage.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
100
200
300
400
500
600
Quantity
700
S
800
900
O Prices will rise to eliminate a surplus.
O Prices will fall to eliminate a surplus.
O Prices will rise to eliminate a shortage.
O Prices will fall to eliminate a shortage.
D
1,000
If the price in the market is $1,600 how will the market respond?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ee72f6f-029e-42f4-b1c3-1cb907bd524b%2F83ab79a5-1db2-4aad-87d2-91db3a093ed3%2F7y0bxmq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
100
200
300
400
500
600
Quantity
700
S
800
900
O Prices will rise to eliminate a surplus.
O Prices will fall to eliminate a surplus.
O Prices will rise to eliminate a shortage.
O Prices will fall to eliminate a shortage.
D
1,000
If the price in the market is $1,600 how will the market respond?
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