What would drive market toward the equilibrium, Microeconomics

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What would drive market toward the equilibrium

The market for pizza has the following demand and supply schedules:

Price Quantity Demanded Quantity Supplied
$4 135 pizzas 26 pizzas
5 104 53
6 81 81
7 68 98
8 53 110
9 39 121

a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market?

b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?

c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

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Microeconomics: What would drive market toward the equilibrium

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Microeconomics: What would drive market toward the equilibrium

Reference No:- TGS047850

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Determine the accounting principles

Q : Explain three goals of current antipoverty policy

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Ask an Expert for Answer!!

Microeconomics: What would drive market toward the equilibrium

Reference No:- TGS047850

Recent Questions Asked Microeconomics

Q : Determine the accounting principles

Q : Explain three goals of current antipoverty policy

Q : Events as a revenue and expense

Q : How the accrual basis net income is derived

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