Asked by
Thuan Nguyen
on Nov 04, 2024
Verified
If price is below the equilibrium, there will be excess demand for the product.
Excess Demand
A market condition where the quantity demanded of a product exceeds the quantity supplied at a given price, leading to upward pressure on prices.
- Comprehend how price, supply, and demand interact to establish market equilibrium.
- Comprehend the principles of surplus supply and surplus demand, along with their impact on the dynamics of the market.
Verified Answer
BF
Learning Objectives
- Comprehend how price, supply, and demand interact to establish market equilibrium.
- Comprehend the principles of surplus supply and surplus demand, along with their impact on the dynamics of the market.