Business, 25.03.2020 05:47 whatsittoya4261

Suppose the current price of a good is $195. At this price, the quantity supplied is 160 units, and the quantity demanded is 200 units. For every $1 increase in price, the quantity supplied increases by 3 units and the quantity demanded decreases by 5 units. At the current price, the quantity demanded is than the quantity supplied. This means that the market is currently experiencing a . In order to adjust, the market price will until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of and an equilibrium price of $ .

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Suppose the current price of a good is $195. At this price, the quantity supplied is 160 units, and...

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