객관식
In a market with market power, the equilibrium output is typically:
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3. The Market Forces of Supply and Demand
Market Equilibrium
객관식
In the market for tilapia, what happens if the price is set above the equilibrium price?
A
There will be no effect on the market since price does not influence supply or demand.
B
A surplus of tilapia will occur because quantity supplied exceeds quantity demanded.
C
The market will clear immediately as quantity supplied equals quantity demanded.
D
A shortage of tilapia will occur because quantity demanded exceeds quantity supplied.
검증된 단계별 안내1
Step 1: Understand the concept of market equilibrium, which occurs where the quantity demanded equals the quantity supplied at a certain price, called the equilibrium price.
Step 2: Recognize that if the price is set above the equilibrium price, the price is higher than what consumers are willing to pay for the quantity supplied at that price.
Step 3: Analyze the effect on quantity demanded and quantity supplied: at a higher price, quantity demanded decreases because consumers buy less, and quantity supplied increases because producers are willing to supply more.
Step 4: Compare quantity supplied and quantity demanded at this higher price. Since quantity supplied is greater than quantity demanded, a surplus occurs in the market.
Step 5: Conclude that this surplus means there are more tilapia available than consumers want to buy at that price, leading to unsold stock until the price adjusts back toward equilibrium.
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