If a market begins in equilibrium and then the demand curve shifts leftward, a a. surplus is created, which is eliminated by a fall in price. b. surplus is created, which is eliminated by the supply curve shifting leftward. c. shortage is created, which is eliminated by a fall in price. d. surplus is created, which is eliminated by a rise in price. e. shortage is created, which is eliminated by a rise in price..

If a market begins in equilibrium and then the demand curve shifts leftward, a a. surplus is created, which is eliminated by a fall in price. b. surplus is created, which is eliminated by the supply curve shifting leftward. c. shortage is created, which is eliminated by a fall in price. d. surplus is created, which is eliminated by a rise in price. e. shortage is created, which is eliminated by a rise in price..

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8QR

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Explain why the following statement is false: In the goods market, no seller would be willing to sell for less than the equilibrium price.
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If the price of a product is below the equilibrium price, the result will be A. A shortage of the good. B. A surplus of the good. C. A decrease in the supply of the good. D. An increase in the demand of the good.
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