Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the price of good X is $4: a. The quantity supplied will be more than 60 units. b. The quantity demanded will be more than 60 units c. There will be an excess supply of good X. d.The quantity demanded will be less than 60 units.

Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the price of good X is $4: a. The quantity supplied will be more than 60 units. b. The quantity demanded will be more than 60 units c. There will be an excess supply of good X. d.The quantity demanded will be less than 60 units.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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