Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 3 - Demand, Supply, and Market Equilibrium - Quick Quiz for Figure 3.6: 3

Answer

d - there is no pressure on price to rise or fall.

Work Step by Step

At a price of $3, demand and supply intersect. The market is in equilibrium and the quantity supplied and quantity demanded are equal. There will be no surplus or no shortage and thus there is no pressure on the price to rise or fall.
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