If a price is above the market clearing price, it will eventually fall, causing sellers to produce less and buyers to purchase more; if it is below the market clearing price, it will eventually rise, causing sellers to produce more and buyers to purchase less.
Standard detail
4.
Benchmark
Depth 1Parent ID: 9BEE61C13799430F924731117146D627Standard set: Grades 5, 6, 7, 8
Original statement
Quick facts
- Statement code
- 4.
- List ID
- 4.
- Standard ID
- 9E3A3F87C8694EE497537E5BE3BDD050
- ASN identifier
- S2604730
- Subject
- Economics
- Grades
- 05, 06, 07, 08
- Ancestor IDs
- 9BEE61C13799430F924731117146D627
- Source document
- Voluntary National Content Standards in Economics (2010)
- License
- CC BY 3.0 US