Assume the market has an equilibrium price of 8 dollars. If the market price is set at 7 dollars then which of the following is not true ? Consumer surplus decreases for some because fewer transactions are taking place Consumer surplus rises for some because of the decreased price The market has become inefficient Total surplus rises if the change in quantity is large enough
Added by Morgan H.
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The equilibrium price is the price at which the quantity of a good demanded by consumers equals the quantity supplied by producers. In this case, the equilibrium price is 8 dollars. Show more…
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