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on Nov 17, 2024

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When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell.

Market Price

The going rate for an asset or service to be acquired or disposed of in the marketplace.

Equilibrium Price

The price at which the quantity of a good demanded by consumers balances the quantity supplied by producers, resulting in a stable market condition.

Suppliers

Businesses or individuals that provide goods or services to another entity, often in exchange for monetary compensation.

  • Acquire knowledge on the relationship between market equilibrium, surplus, and shortage.
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Trudy LouilusNov 18, 2024
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