Explain the price of a good is above equilibrium

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Q. "Explain why, if the price of a good is above the equilibrium price, the forces of supply and demand will tend to push the price toward equilibrium."

Q, In 1949 Sherbrooke, Quebec built a hospital for about $500,000. In 1987 the county restored the courthouse for about $2.4 million. A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. As per to these numbers the hospital cost about how much in 2000 dollars?

 

Reference no: EM1354140

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