Supply & Demand/Equilibrium

Which describes an advantage of having prices? (Multi-select)

What typically occurs as a result of a product's demand being raised?

Shortages occur when the price is above its equilibrium level.

Which of the following describes equilibrum in a competitive market?

A decrease in demand would cause a(n) ___ in equilibrium quantity.

When the supply curve shifts farther to the left than the demand curve, the price will fall.

An increase in price would cause a leftward shift on the supply curve.

Sticky prices are a government-imposed limit below which prices cannot fall

What typically occurs as a result of a product's price being raised? (Multi-select)

There is a surplus of a good when the quantity supplied exceeds the quantity demanded.