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.
True Friendship
A recruiting poster for the “True Sons of Freedom” encouraged African Americans to enlist. In fact,
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Kinesthesis and Equilibrium
Write equilibrium constant expressions for the following reactions in terms of concentration: