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Pearson Edexcel International GCSE (9-1) Economics practice

If the market price of a smartphone is currently above its equilibrium price, what will most likely happen?

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MCQ

Type

practice

Style

Topic

The market system

Exam-style question

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If the market price of a smartphone is currently above its equilibrium price, what will most likely happen?.

  1. A.There will be a shortage of smartphones, causing prices to rise.
  2. B.There will be an excess supply of smartphones, causing prices to fall.
  3. C.The demand curve for smartphones will shift to the right.
  4. D.The supply curve for smartphones will shift to the left.

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If the market price of a smartphone is currently above its equilibrium price, what will most likely happen? | Edexcel Economics | ExamCompanion