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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?
1 Answer
- OiyLv 73 days agoFavorite 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.