2 years ago

If quantity demanded exceeds quantity supplied, what most likely needs to happen to achieve equilibrium

1 answer:

5 0

A shortage lives if the quantity of a good or service demanded exceeds the quantity provided at the current price; it causes upward pressure on price. An growth in demand, all other things unchanged, will cause the equilibrium price to rise; quantity provided will increase.

<h3>What occurs when the quantity demanded exceeds the quantity supplied?</h3>

There is a shortage when the quantity demanded exceeds the quantity delivered. Shortages occur when the price is below its equilibrium status. Equilibrium is achieved at the price at which quantities demanded and supplied are equal. We can define a market in equilibrium in a graph by showing the combined price and quantity at which the supply and demand curves intersect.

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