Question

At a price for which quantity demanded exceeds quantity supplied, a __________ is experienced, which pushes the price __________ toward its equilibrium value. surplus; downward surplus; upward shortage; downward shortage; upward

Answer 1

shortage, upward:
A shortage is experienced because the the goods are sold more rapidly than they can be re-stock. The price increases once the shortage happens to slow down the demand, enabling the quantity supplied to attend the quantity demanded.