Answer
$\uparrow$
$\downarrow$
$\uparrow$
Work Step by Step
When demand exceeds supply prices will rise. The higher price will reduce demand and increase supply.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 4 - Demand, Supply, and Market Equilibrium - Exercises - 4.3 Market Equilibrium: Bringing Demand and Supply Together - Page 93: 3.3
Update this answer!
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.
