Business, 06.04.2021 03:30 gibbss80stu

true false An increase in the supply of a product will initially create a surplus of the product (at the previous equilibrium price). As a result of this surplus, producers will start to lower the price of the product. This decrease in price causes an increase in quantity demanded and a decrease in quantity supplied which will eventually eliminate the surplus and result in a new market equilibrium being reached. This new equilibrium will consist of a lower price and a higher quantity than there was before the increase in supply occurred.

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true false An increase in the supply of a product will initially create a surplus of the product (at...