5. Consider the market for bicycles as discussed in problems(1) and (3). If the price was $120, woul
5. Consider the market for bicycles as discussed in problems(1) and (3). If the price was $120, would a situation of excessdemand or excess supply exist? Identify this price level and thequantities demanded and supplied on a graph like the one you drewfor problem (3). Describe the economic forces that will tend tomove the price of $120 toward the equilibrium price. . . .
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