69) If the price of a good is above the equilibrium price,
Answer is:
there is a surplus (i.e. an excess supply) and the price will fall.
Related Micro Economics MCQ (GK Set-1) with Answers
Answer is:
there is a shortage (i.e. an excess demand) and the price will rise.
Answer is:
the quantity demanded is equal to the quantity supplied and the price remains unchanged.
Answer is:
an increase in the equilibrium price and quantity.
Answer is: