Asked by Tanesha Williams on Apr 25, 2024
Verified
The graph shows the supply and demand for a widget.What happens if the price is set at $25?
Supply and Demand
A fundamental economic model that describes the relationship between the availability of a product or service and the desire for it among consumers.
Markup Percentage
The ratio of profit added to the cost price of goods to determine the selling price, expressed as a percentage of the cost.
- Analyze market equilibrium and the effects of price changes on supply and demand balance.
Verified Answer
AI
abdullah idrees1 week ago
Final Answer :
Because the price is more than the equilibrium price,supply will exceed demand and suppliers will try to sell their excess supply at a lower price.
Learning Objectives
- Analyze market equilibrium and the effects of price changes on supply and demand balance.
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