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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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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