When the market price is lower than the equilibrium price, the result is excess ____.When the market price is higher than the equilibrium price, the result is excess _____. Question 1Answer a. Supply; demand b. Demand; demand c. Demand; supply d. Supply; supply

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter8: Understanding Markets And Industry Changes
Section: Chapter Questions
Problem 2MC
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Related questions
Question
When the market price is lower than the equilibrium price, the result is excess ____.

When the market price is higher than the equilibrium price, the result is excess _____.

Question 1Answer

a.
Supply; demand
b.
Demand; demand
c.
Demand; supply
d.
Supply; supply
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