Economics help?

a. If the actual price in this market were above
the equilibrium price, what would drive the
market toward the equilibrium?
b. If the actual price in this market were below
the equilibrium price, what would drive the
market toward the equilibrium?

Oiy2021-04-04T06:56:22Z

Favorite Answer

The equilibrium price is $6 where D=S=81. §So if the price is $7, it will be less demand than supply. So the suppliers will complete with each other by offering lower price to find the buyer. But if the price is $5, the buyers will compete with each other by offering higher price to get the deal.

00

Trending Questions

who thinks the US economy is 'roaring back' ..? will we have the 'roaring 20s"? why news seems to promote this idea?11 answersWhat would a collapse of the United States look like?5 answersis the USA already in a "Great Depression II" ? (it is just the stock market & the news media is not recognizing it yet? why?)?5 answerswhat is the probability we will lose our status as world reserve currency and if that happens what currency will replace it?4 answerswhen it is OBVIOUS that the stock market is in a massive bubble, why do people keep buying MORE stocks at inflated prices?6 answers