Asked by
Zaria Leach
on Nov 05, 2024
Verified
If price is below the equilibrium, then quantity supplied will be less than quantity demanded putting upward pressure on price.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a specific price over a given period of time.
Quantity Demanded
The combined quantity of a product or service that consumers are inclined and ready to purchase at an identified price.
- Acquire knowledge on the interplay of price, supply, and demand in setting the market balance.
- Determine the impact of price fluctuations on balancing market forces.
Verified Answer
JS
Learning Objectives
- Acquire knowledge on the interplay of price, supply, and demand in setting the market balance.
- Determine the impact of price fluctuations on balancing market forces.