Author Question: Refer to the information provided in Figure 4.3 below to answer the question(s) that follow. Refer ... (Read 5 times)

craiczarry · **on:** Apr 19, 2019

Refer to the information provided in Figure 4.3 below to answer the question(s) that follow.

Refer to Figure 4.3. If the government will not allow retailers to charge less than $0.50 for a pencil, which of the following will happen?

◦ Demand must eventually increase so that the market will come into equilibrium at a price of $0.50.
◦ Supply must eventually decrease so that the market will come into equilibrium at a price of $0.50.
◦ Retailers will have an excess supply of pencils.
◦ The market will be in equilibrium at a price of $0.50.

epscape · **Reply #1 on:** Apr 19, 2019

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