Question

If, at a good's current price, the quantity demanded is 2,000 units and the quantity supplied is 1,000 units then: Group of answer choices consumers of this particular item do not buy less of it when its price increases. consumers are irrational producers are not resonsive to price changes the current price is below the equilibrium price. the current price is above the equilibrium price.

Answer 1

Answer:

the current price is below the equilibrium price.

Explanation:

At this point where quantity demanded (2,000 units) is greater than quantity supplied (1,000) units, then there is shortage in the market, which means, the current price/ market price is below the equilibrium.

Price equilibrium is a term that describes the point at which the quantity supplied equals quantity demanded. It is represented on a graph, where the curve of demand quantity intersects with supply quantity.