If the Market Price Is Above the Equilibrium Price, Which

question 156

Multiple Choice

If the market price is above the equilibrium price, which of the following will occur?

• A) Quantity demanded will exceed quantity supplied and the market price will eventually fall.
• B) Quantity demanded will exceed quantity supplied and the market price will eventually rise.
• C) Quantity supplied will exceed quantity demanded and the market price will eventually fall.
• D) Quantity supplied will exceed quantity demanded, and the market price will eventually rise.

Explain the impact of technological advancements on production costs.

Determine the marginal and average product of inputs in production.

Calculate and interpret the total, average, and marginal costs in various business conditions.

Understand the concept of average total, variable, and fixed costs.

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