If the price in a competitive market is "lower than equilibrium” then a. quantity demanded exceeds quantity supplied at that price. b. no producer can cover his costs of production at that price. c. quantity supplied exceeds quantity demanded at that price.
If the price in a competitive market is "lower than equilibrium” then a. quantity demanded exceeds quantity supplied at that price. b. no producer can cover his costs of production at that price. c. quantity supplied exceeds quantity demanded at that price.
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter23: Price-searcher Markets With Low Entry Barriers
Section: Chapter Questions
Problem 13CQ
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