Question 17
MediumOriginal questionWhen there is excess demand in a market, the price tends to
Show the answer and explanation
CorrectNot quiteAnswer C
Correct answer: C
Explanation
Buyers who cannot get the good offer more; as the price rises, demand contracts and supply extends until the gap closes.
- Concept
- Excess demand and price
- Typical timeTypical
- 70 s
- Your timeYours
- —
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