When the price of a good is below its equilibrium value: Multiple Choice consumers will bid the price up. excess supply will occur. it will tend to stay below the equilibrium value. suppliers will notice their inventories are growing.

When the price of a good is below its equilibrium value: Multiple Choice consumers will bid the price up. excess supply will occur. it will tend to stay below the equilibrium value. suppliers will notice their inventories are growing.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When the price of a good is below its equilibrium value:
Multiple Choice
consumers will bid the price up.
excess supply will occur.
it will tend to stay below the equilibrium value.
suppliers will notice their inventories are growing

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