Homework Answers
Answer = d) decrease, quantity demanded to increase, and quantity supplied to decrease
Explanation:
As at current price there is a surplus of product which mean quantity demanded is less than quantity supplied. The best way is to decrease the price of the product which results in increasing the quantity demanded of the product because consumer will get the product at lower price and decrease in quantity supplied as lower profit will be available to the supplier which finally will lead to the equilibirium.
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quantity of ________ and an equilibrium price of $
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At the current price, the quantity demanded is (greater
or less) than the quantity supplied. This means that the
market is currently experiencing a (surplus or
shortage). In order to adjust, the market price will
(decrease or increase) until the quantity demanded
and quantity supplied are equal. The result is an equilibrium
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