Question

Stores are overflowing with the latest vampire novel at $10. Store managers are frustrated with the lack of sales. The equilibrium price for this novel is _________
a. $10
b. less than $10
c. more than $10
d. not calculable

Answer 1

Answer:

correct answer is b. less than $10

Explanation:

solution

latest vampire novel  = $10

and here Equilibrium price meaning that here is balance  

and equilibrium between supply of good and demand for that same goods

so demand and supply is balancing each other

and if there too much supply then price will go down and demand will rise up

but here he reduced price and their demand go up

so correct answer is b. less than $10