Refer to the above figure. Other things being equal, if price is at P2, then we would expect
A. consumers to reduce their offering price for the good.
B. consumers to bid against each other for goods and force the price still higher.
C. an excess quantity demanded to occur.
D. price to decline until an equilibrium is achieved at P0.
Answer: D
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Answer the following statement true (T) or false (F)
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