Asked by
Emily Jibrail
on Nov 17, 2024
Verified
Sellers respond to a surplus by cutting their prices.
Surplus
An excess of production or supply over demand, often resulting in lower prices.
Cutting
The act or process of reducing something in size, amount, or extent.
Prices
The budget anticipated, required, or dealt in exchange for a commodity.
- Ascertain the relationship among market equilibrium, surplus, and shortage.
Verified Answer
AM
Learning Objectives
- Ascertain the relationship among market equilibrium, surplus, and shortage.
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