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If there is a surplus of a product in the market, what is likely to happen to it
Practice Questions
Q1
If there is a surplus of a product in the market, what is likely to happen to its price?
Price will increase
Price will decrease
Price will remain the same
Price will become volatile
Questions & Step-by-Step Solutions
If there is a surplus of a product in the market, what is likely to happen to its price?
Steps
Concepts
Market Surplus
– A situation where the quantity supplied of a product exceeds the quantity demanded at a given price.
Price Adjustment Mechanism
– The process by which prices change in response to surpluses or shortages in the market.
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