2 years ago

joes shoe shop raises prices from the equilibrium price of $40 a pair to its new price of $60 a pair.

Business

2 answers:

kipiarov [429]2 years ago

6 0

I think you’re referring to the competitive equilibrium price

valentinak56 [21]2 years ago

3 0

Answer:

Since Joe's Shoe Shop increased their prices by 50% [= ($60 - $40) / $40], the quantity demanded by their customers will severely decrease resulting in in a supply surplus (or excess supply). An increase in the price of a product will increase the quantity supplied of the product but decrease the quantity demanded.

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