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16 May, 02:17

If we say that a price is too high to clear the market, we mean that Multiple Choice

1. quantity demanded exceeds quantity supplied.

2. the equilibrium price is above the current price.

3. quantity supplied exceeds quantity demanded.

4. the price of the good is likely to rise.

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Answers (1)
  1. 16 May, 02:32
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    The answer is 1. quantity demanded exceeds quantity supplied.

    When the quantity demanded exceeds the quantity supplied, this makes room for a shortage of goods in the market a day and excess demand. Because of this, the price of existing products increase as a lesser number of goods has to be distributed among many people.

    When such scenarios happen, the government can take actions such as importing goods from abroad.
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