Question

34. Giving reasons, state whether the following statements are true or false :
(a) When the equilibrium price of a good is higher than a given price,
there will be competition among the sellers.
(b) The equilibrium price will change when some existing firms leave
the industry.
(c) At any price higher than the equilibrium price, there will be
adjustments in the market.​

Answer 1

Answer:

a ) False

b ) True

c ) True

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