Describe and explain what could happen if a product price is set above the market equilibrium price

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Describe and explain what could happen if a product price is set above the market equilibrium price or set below the market equilibrium price.

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Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Jan 03, 2024 06:45 AM

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Describe and explain what could happen if a product price is set above the market equilibrium price

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If a product price is set above the market equilibrium price it creates a situation of excess supply or a surplus This means that the quantity supplie... View the full answer

Microeconomics An Intuitive Approach with Calculus

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