C) a price decrease, decreasing the quantity supplied and increasing the quantity demanded.D) a price increase, increasing the quantity supplied and decreasing the quantitydemanded.Figure 3-621)Refer to Figure 3-6.The figure above represents the market for canvas tote bags.Assume that the market price is $35.Which of the following statement is true? Show Get answer to your question and much more 22) Which of the following would cause both the equilibrium price and equilibriumquantity of cotton (assume that cotton is a normal good) to increase?A) an increase in consumer incomeB) a drought that sharply reduces cotton outputC) a decrease in consumer incomeD) unusually good weather that results in a bumper crop of cotton 23) Which of the following would cause the equilibrium price of white bread to decreaseand the equilibrium quantity of white bread to increase? Get answer to your question and much more How does the market get to the equilibrium price?MARKETS: Equilibrium is achieved at the price at which quantities demanded and supplied are equal. We can represent a market in equilibrium in a graph by showing the combined price and quantity at which the supply and demand curves intersect.
What happens to a market price when it reaches equilibrium?At the equilibrium price, there is no shortage or surplus: The quantity of the good that buyers are willing to buy equals the quantity that sellers are willing to sell. Buyers can buy the quantity they want to buy at the market price, and sellers can sell the quantity they want to sell at the market price.
Which of the following market conditions is correct when a market is in equilibrium?When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal. The corresponding price is the equilibrium price or market-clearing price, the quantity is the equilibrium quantity.
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If the current market price is $10, the market will achieve equilibrium through
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