What is the market equilibrium in this market

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Question: If the price of olive oil is $2, describe the situation in the olive oil market. Explain how the price adjusts. b) If the price is $6, describe the situation in the olive oil market. Explain how the price adjusts.

What is the market equilibrium in this market?

Which one of these prices is an example of a price ceiling? If this price ceiling is imposed by the government, what would be the consequence for this market? Explain.

 

 

Reference no: EM133439720

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