If the price in the market is $600 how will the market respond? Prices will rise to eliminate a surplus. Prices will rise to eliminate a shortage. Prices will fall to eliminate a shortage. Prices will fall to eliminate a surplus.

If the price in the market is $600 how will the market respond? Prices will rise to eliminate a surplus. Prices will rise to eliminate a shortage. Prices will fall to eliminate a shortage. Prices will fall to eliminate a surplus.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the price in the market is $600 how will the market respond?

Prices will rise to eliminate a surplus.

Prices will rise to eliminate a shortage.

Prices will fall to eliminate a shortage.

Prices will fall to eliminate a surplus.

Price
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
100
Market for Apartments
200
300
400
500
600
Quantity
700
S
800
900
D
11,000

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