economic price flashcards

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what will happen if there is a preset price of a product above the equilibrium price a surplus curve will shift to the left
what will happen if the preset price of a product equals the equilibrium price? Neither a surplus nor shortage will occur
A shortage of a product will occur and a secondary market will emerge if the preset price is below the _______ A shortage of a product will occur and a secondary market will emerge if the preset price is below the equilibrium price
Where there is a surplus of unsold goods the preset price was above the _____ equilibrium price.
A nonpriced good is owned in common by the public and not priced in markets
Give an example of a nonprofit good wild mushrooms

what will happen if there is a preset price of a product above the equilibrium price

what will happen if the preset price of a product equals the equilibrium price?

A shortage of a product will occur and a secondary market will emerge if the preset price is below the _______

Where there is a surplus of unsold goods the preset price was above the _____

A nonpriced good is owned in common by

Give an example of a nonprofit good

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