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When the price of a good is higher than the equilibrium price,

A. a shortage will exist
B. buyers desire to purchase more than is produced.
C. sellers desire to produce and sell more than buyers wish to purchase
D. quantity demanded exceeds quantity supplied

 

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Kristelle Balando
Kristelle BalandoLv10
31 Aug 2020
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Related questions

a market for a product reaches equilibrium when

a. the actual quantity bought by the buyers equals actual quantity sold by the sellers

b. the price rises further after there is a surplus

c. Buyers intend to buy a quantity equal to the quantity that sellers intend to sell

d. Price falls further after there is a shortage

Answer the question on the basis of the given supply and demand data for wheat:

A. Refer to the data. If the price in this market was $4:

1. farmers would not be able to sell all their wheat.

2. buyers would want to purchase more wheat than is currently being supplied.

3. the market would clear; quantity demanded would equal quantity supplied.

4. there would be a shortage of wheat.

B. Equilibrium price will be

1. $4

2. $3

3. $2

4. $1

 

If, at the current price, there is a shortage of a good:

1. the market can be in equilibrium
2. the price is below the equiblium price
3. sellers are producing more than buyers wish to buy
4. all the above answers are correct

 

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