when quantity supplied is not equal to quantity demanded excess demand when quantity demanded is more than quantity supplied price ceiling legal maximum that can be charged for a good.
The quantity supplied of a good or service is the quantity that a producer a) should sell at a particular price during a given time period b) is willing to sell at a particular price during a given time period c) actually sells at a particular price during a given time period d) needs to sell at a particular price during a given time period
The quantity demanded is: a) Independent of consumer's buying plans b) The amount of a good that consumers plan to purchase at a particular price c) Always equal to the equilibrium quantity d) Independent of the price of the good B The law of demand implies that, other things remaining the same,
A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates: a) the nature of an inferior good b) the law of supply c) the law of demand d) a change in supply B A supply curve shows the relation between the quantity of a good supplied and a) the price of the good.