which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?\nit needs…
which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?\nit needs to be increased.\nit needs to be decreased.\nit needs to reach the price ceiling.\nit needs to remain unchanged.
Answer
Brief Explanations:
At price p2, there is excess supply as quantity supplied is greater than quantity demanded. To reach equilibrium where quantity demanded equals quantity supplied, the price needs to decrease to encourage more demand and reduce the quantity supplied.
Answer:
It needs to be decreased.