3. Assuming that prices are allowed to adjust, at the equilibrium price, a. buyers will want to pay a higher price. b. there will be a shortage of the product. c. no businesses will want to sell the product. d. the quantity demanded is equal to the quantity supplied.
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This means that the amount of the product that buyers are willing and able to purchase is exactly the same as the amount that businesses are willing and able to sell. If buyers wanted to pay a higher price, it would mean that they are willing to purchase more of Show more…
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