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Answers to the problems and applications of mankiw 4edition?
an increase in the demand for note books raises the quantity demanded for notebooks but not the quantity supplied is this true or false
When quantity demanded is greater than quantity supplied the price will?
the price increase
When quantity supplied is more than quantity demanded its called?
A quantity supplied is more than quantity demanded its called A Surplus.
What happens to a market in equilibrium when there is an increase in supply?
Quantity supplied will exceed quantity demanded, so the price will drop.
When quantity supplied exceeds quantity demanded there is?
surplus
Answers to the problems and applications of mankiw 4edition?
an increase in the demand for note books raises the quantity demanded for notebooks but not the quantity supplied is this true or false
When quantity demanded is greater than quantity supplied the price will?
the price increase
When quantity supplied is more than quantity demanded its called?
A quantity supplied is more than quantity demanded its called A Surplus.
At equilibrium price the quantity is demanded always equal to the quantity supplied?
Yes, the equilibrium price equates the quantity supplied to the quantity demanded.
What happens to a market in equilibrium when there is an increase in supply?
Quantity supplied will exceed quantity demanded, so the price will drop.
When quantity supplied exceeds quantity demanded there is?
surplus
When quantity supplied and quantity demanded are equal the market is in?
Equilibrium.
If price is above the equilibrium level competition among seller to reduce the resulting?
Surplus will increase quantity demanded and decreae quantity supplied.
When quantity supplied and quantity demanded increase due to improved technology what happens?
An increase in technology will cause a shift in supply curve due to lowered production costs. This increased supply will put downward pressure on prices, driving up quantity demanded.
What is unique about an equilibrium price?
quantity demanded and quantity supplied are equal
When the quantity demanded is greater than the quantity supplied what is it?
could be shortage
If quantity demanded is greater than quantity supplied?
it is called a shortage
