Describe what happens to prices, quantities demanded, and quantities supplied when equilibrium is disturbed
What will be an ideal response?
Disequilibrium occurs when quantity supplied is not equal to quantity demanded in a market. Disequilibrium can produce one of two outcomes: shortage- rise the price or surplus- decrease the price. Anything else
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Of the following high-income countries, which has the highest mortality ratio for cancer?
A) Canada B) Japan C) the United Kingdom D) the United States
A case for equality of income distribution can be based on
a. the randomness of personal misfortune b. the linkage between effort and reward c. the ethic "from each according to his or her ability to each according to his or her ability" d. allowing the market to dictate outcomes e. maximization of opportunity
The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:
A) supply. B) demand. C) equilibrium. D) disequilibrium.
If Happy Babies sells its baby formula in the United States for $10 box and for $12 (dollar equivalent) a box Canada, this is an example of ________.
A) second-degree price discrimination B) third-degree price discrimination C) peak-load pricing D) two-part pricing