If, at a given price, the quantity demanded exceeds the quantity supplied, there is excess demand and [...].
Answer
price will rise
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Parent (intermediate) annotation
Open it If, at a given price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceeds the quantity demanded, there is excess supply and price will fall.
Original toplevel document
SUMMARY lly will be obtained at a different price and a different quantity than before. The market mechanism is the ability of prices to adjust to eliminate any excess demand or supply resulting from a shift in one or the other curve.
<span>If, at a given price, the quantity demanded exceeds the quantity supplied, there is excess demand and price will rise. If, at a given price, the quantity supplied exceeds the quantity demanded, there is excess supply and price will fall.
Sometimes auctions are used to seek equilibrium prices. Common value auctions sell items that have the same value to all bidders, but bidders can only estimate that valu
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