Economy, asked by tuden2448, 8 months ago

If the prevailing price in the market is higher than its equilibrium price, how would producers of the commodity react? What will be the market situation?

Answers

Answered by ravaged

Answer:

Producers will produce more of that commodity as the consumer will buy more of the commodity till the price will be at equilibrium. The demand for that commodity in the market will increase in this present scenario

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If the prevailing price in the market is higher than its equilibrium price, how would producers of the commodity react? What will be the market situation?​

Answers

If the prevailing price in the market is higher than its equilibrium price, how would producers of the commodity react? What will be the market situation?