3
QuizMultiple Choice
2.3 Determining Market Price
Question 3 • SEPHS - SOC240 - Economics (Fall)
The graph shows excess supply.Which explains why the price indicated by p2 on the graph is higher than the equilibrium price?
Answer
A
As prices rise, quantity demanded goes up.B
As prices rise, quantity demanded goes down.C
As prices rise, quantity demanded stays the same.D
As prices rise, quantity demanded disappears.