Business, 23.03.2020 17:24, greenbyron88

Assume in a competitive market that price is initially below the equilibrium level. We can predict that price will:

A. increase, quantity demanded will increase, and quantity supplied will decrease.
B. decrease, quantity demanded will decrease, and quantity supplied will increase.
C. increase, quantity demanded will decrease, and quantity supplied will increase.
D. decrease and quantity demanded and quantity supplied will both decrease.

Answers: 2

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Assume in a competitive market that price is initially below the equilibrium level. We can predict t...