Suppose that at the current price, waffle producers offer 5 million waffles for sale, but consumers want to buy 6 million. When the market coordinates the demand and supply for waffles, the price of waffles will:

Question

Quizplus · Accepted Answer

When there is excess demand (consumers want more than producers are offering), the price tends to rise until the quantity supplied matches the quantity demanded.

Suppose That at the Current Price, Waffle Producers Offer 5