If prices are held above the equilibrium price:
a.all firms incur losses.
b.there exists a shortage in the market.
c.social surplus is maximized.
d.there exists a surplus in the market.
Answer: D
If prices are held above the equilibrium price:
a.all firms incur losses.
b.there exists a shortage in the market.
c.social surplus is maximized.
d.there exists a surplus in the market.
Answer: D