If a shortage exists in the car market, then the current price must be than the equilibrium price. For the market to reach equilibrium, you would expect.

Respuesta :

If a shortage exists in the car market, then the current price must be lower than the equilibrium price. For the market to reach equilibrium, you would expect buyers to pay higher prices.

What is equilibrium price?

Market supply and demand must balance one another to reach equilibrium, which leads to stable pricing.

In general, when there is an abundance of products or services, prices decline, which increases demand, but when there is a scarcity, prices rise, which decreases demand.

The consumer cost associated with a good or service when supply and demand are equal or nearly equal is referred to as the equilibrium price, also known as the market-clearing price. T

he producer or vendor may sell as many units as they like, and the buyer may access as many units as they choose to purchase.

To learn more about equilibrium price, refer

https://brainly.com/question/17193674

#SPJ4

If a shortage exists in the car market, then the current price must be lower than the equilibrium price. For the market to reach equilibrium, you would expect buyers to pay higher prices.

What is equilibrium price?

Market supply and demand must balance one another to reach equilibrium, which leads to stable pricing.

In general, when there is an abundance of products or services, prices decline, which increases demand, but when there is a scarcity, prices rise, which decreases demand.

The consumer cost associated with a good or service when supply and demand are equal or nearly equal is referred to as the equilibrium price, also known as the market-clearing price. T

The producer or vendor may sell as many units as they like, and the buyer may access as many units as they choose to purchase.

To learn more about equilibrium price, refer

brainly.com/question/17193674

#SPJ4