When the price of a good is higher than the equilibrium price, ..................... a) sellers desire to produce and sell more than buyers wish to purchase. b) buyers desire to purchase more than is produced. c) a shortage will exist. d) quantity demanded exceeds quantity supplied.
When the price of a good is higher than the equilibrium price, ..................... a) sellers desire to produce and sell more than buyers wish to purchase. b) buyers desire to purchase more than is produced. c) a shortage will exist. d) quantity demanded exceeds quantity supplied.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 1QP
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When the price of a good is higher than the equilibrium price , .....................
a) sellers desire to produce and sell more than buyers wish to purchase.
b) buyers desire to purchase more than is produced.
c) a shortage will exist.
d) quantity demanded exceeds quantity supplied.
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