if there is excess demand in a market, which of the following is true? the price in a market is set above…
if there is excess demand in a market, which of the following is true? the price in a market is set above the equilibrium price. the price in a market is set below the equilibrium price. the quantity supplied is the equilibrium quantity.
Answer
Brief Explanations:
In a market, when price is below equilibrium, quantity demanded exceeds quantity supplied, creating excess demand. When price is above equilibrium, there is excess supply. If quantity supplied is equilibrium quantity, there is no excess demand or supply.
Answer:
The price in a market is set below the equilibrium price.