The price paid for goods and services will rise when the quantity demanded exceeds quantity supplied.

Name: The price paid for goods and services will rise when the quantity demanded exceeds quantity supplied.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This is due to the basic economic principle of supply and demand. When there is more demand for a product than there is supply, businesses can charge a higher price for it. This is known as a seller's market.

The Price Paid for Goods and Services Will Rise When