Suppose the market for wheat is competitive, with an upward-sloping supply curve, a downward-sloping demand curve, and

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Suppose the market for wheat is competitive, with an upward-sloping supply curve, a downward-sloping demand curve, and an equilibrium price of $4.00 per bushel. Why would a higher price (e.g., $5.00 per bushel) not be an equilibrium price? Why would a lower price (e.g., $2.50 per bushel) not be an equilibrium price?
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Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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