Answer both correctly. I ll rate accordingly. Typed answer please. QUESTION 7Excess demand exists whenSelect one:O a. quantity demanded does not equal supply.b. demand is rising.O c. price is below the equilibrium price.O d. market prices are very low. QUESTION 6What will be the result of excess demand in the rice market?Select one:The demand for rice will decrease quicklyO a.O b. The price of rice will decreaseO c. The price of rice will be the sameO d. The price of rice will increase

Since you have asked multiple question, we will solve the first question for you. If you want any…

Answered: QUESTION 7 Excess demand exists when…

QUESTION 7 Excess demand exists when Select one: O a. quantity demanded does not equal supply. O b. demand is rising. O c. price is below the equilibrium price. O d. market prices are very low.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Answer both correctly. I ll rate accordingly. Typed answer please.

QUESTION 6
What will be the result of excess demand in the rice market?
Select one:
The demand for rice will decrease quickly
O a.
O b. The price of rice will decrease
O c. The price of rice will be the same
O d. The price of rice will increase

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