Answer the following statements true (T) or false (F)
1) For any good or service, at the market equilibrium price the quantity demanded exceeds the quantity supplied.
2) If the current price for salmon exceeds the equilibrium price, there will be a surplus of salmon in the market.
3) If the current price for a product is not equal to its equilibrium price, the quantity demanded is not equal to the quantity supplied.
4) If the market for salmon is in equilibrium, there is not a shortage or a surplus of salmon.
5) If the Qd = (15 million) - (2 million × P) and QS = (0) + (3 million × P), the equilibrium price for the product is $3.
1) FALSE
2) TRUE
3) TRUE
4) TRUE
5) TRUE
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