-Refer to the above figure. Other things being equal, if price is at P₂, then we would expect
A)price to decline until an equilibrium is achieved at P₀.
B)consumers to reduce their offering price for the good.
C)an excess quantity demanded to occur.
D)consumers to bid against each other for goods and force the price still higher.

Question

-Refer to the above figure. Other things being equal, if price is at P₂, then we would expect
A)price to decline until an equilibrium is achieved at P₀. 
B)consumers to reduce their offering price for the good. 
C)an excess quantity demanded to occur. 
D)consumers to bid against each other for goods and force the price still higher.

Quizplus · Accepted Answer

The Answer of 
-Refer to the above figure. Other things being equal, if price is at P₂, then we would expect
A)price to decline until an equilibrium is achieved at P₀. 
B)consumers to reduce their offering price for the good. 
C)an excess quantity demanded to occur. 
D)consumers to bid against each other for goods and force the price still higher.

-Refer to the Above Figure