Suppose That the Price of Wheat Is Above Its Equilibrium

question 9

Multiple Choice

Suppose that the price of wheat is above its equilibrium price. You would expect to see

• A) a shortage on the market that causes prices to increase further.
• B) an increase in quantity demanded because of the high price.
• C) a leftward shift of the demand curve because of the high price.
• D) sellers begin to lower their prices because of the surplus of wheat.

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