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Loraine Loraine
wrote...
Posts: 4563
8 years ago
Suppose the equilibrium price of oranges is $2.00 per pound. If the actual price is above the equilibrium price, a
A) shortage exists and the price falls to restore equilibrium.
B) shortage exists and the price rises to restore equilibrium.
C) surplus exists and the price falls to restore equilibrium.
D) surplus exists and the price rises to restore equilibrium.
E) surplus exists but nothing happens until either the demand or the supply changes.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
Read 987 times
2 Replies
Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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DropxDropx
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Posts: 1991
8 years ago
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8 years ago
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