Which of the following is true about the market equilibrium?
a. As the price increases, the quantity demanded and the quantity supplied increases.
b. As the price increases, the quantity demanded and the quantity supplied decreases.
c. As the price increases, the quantity demanded increases and the quantity supplied decreases.
d. As the price increases, the quantity demanded decreases and the quantity supplied increases.
e. As the price increases, neither the quantity demanded nor quantity supplied change.
Question 2
When the price of a good in a market is above equilibrium:
a. the quantity supplied exceeds the quantity demanded.
b. a surplus is observed.
c. the price will fall in the near future.
d. all of the above.
Many types of edible fungi are grown for the market.
Norway lobsters on sale at a Spanish market
True Dover Sole
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