Which of the following statements is/are TRUE? (a) At market equilibrium, quantity demanded, and quantity supplied are equal. (b) At market equilibriums Supply and Demand are equal. (c) A market surplus exists when quantity supplied exceeds quantity demanded. (d) A market shortage exists when quantity demanded exceeds quantity supplied. (e) When a market shortage exists, the buyers will bid up the price of the good which will cause the quantity demanded to decrease and quantity supplied to increase until equilibrium is restored. (f) In the case of a market surplus, the suppliers will bid down the price causing the quantity demanded to increase and quantity supplied to increase until equilibrium is restored. (g) A market shortage causes Supply to increase and Demand to decrease until equilibrium is restored. (h) A market surplus causes the Demand to increase and Supply to decrease until equilibrium is restored.
Which of the following statements is/are TRUE?
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(a) At |
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(b) At market equilibriums |
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(c) A market surplus exists when quantity supplied exceeds quantity demanded. |
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(d) A market shortage exists when quantity demanded exceeds quantity supplied. |
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(e) When a market shortage exists, the buyers will bid up the price of the good which will cause the quantity demanded to decrease and quantity supplied to increase until equilibrium is restored. |
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(f) In the case of a market surplus, the suppliers will bid down the price causing the quantity demanded to increase and quantity supplied to increase until equilibrium is restored. |
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(g) A market shortage causes Supply to increase and Demand to decrease until equilibrium is restored. |
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(h) A market surplus causes the Demand to increase and Supply to decrease until equilibrium is restored. |
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