Suppose the price charged by jeans producers for the latest designer jeans is $75. But the equilibrium price for the jeans is $125. In a market without price controls, the price of jeans will _____.

increase to equal the equilibrium price
decrease to equal the equilibrium price
stay the same

Respuesta :

In a market without price controls, the price of jeans will increase to equal the equilibrium price. This is because the supply is less than the demand. And since the equilibrium price is at $125, there is a chance that the jeans will still increase its price.

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