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yaumel delgado
on Oct 13, 2024

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When price is $2

A) there is a surplus.
B) there is a shortage.
C) quantity demanded is less than quantity supplied.
D) price must fall to get to equilibrium.

Surplus

A surplus refers to the amount by which the quantity supplied of a product or service exceeds the quantity demanded, often resulting in a decrease in prices.

Shortage

A market condition where the demand for a good exceeds its supply at a specific price, often leading to price increases.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

  • Gain insight into the concepts of supply inadequacies and overabundance and their implications on the behavior of markets.
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Kelly BragerOct 19, 2024
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