Suppose that the current price in a market for Pizza is $9.At that price,the quantity demanded is 519 and the quantity supplied is 400.At the current price,the market is experiencing:

Question

Quizplus · Accepted Answer

When the quantity demanded is greater than the quantity supplied, it means there is excess demand. Here, the quantity demanded (519) is greater than the quantity supplied (400) at the current price ($9), so there is an excess demand of 119 pizzas. The market is not in equilibrium, as both the quantity demanded and supplied are not equal.

Suppose That the Current Price in a Market for Pizza