What are some problems that can occur when prices are set above the equilibrium price?
What are some problems that can occur when prices are set above the equilibrium price? When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result. Price floors and price ceilings often lead to unintended consequences. What happens when price is above equilibrium? … Continue reading What are some problems that can occur when prices are set above the equilibrium price?
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