Suppose that a market is characterized as follows: consumers are willing and able to purchase 100 units and sellers are willing and able to sell 70 units. Which of the following statements are true?

Question

Quizplus · Accepted Answer

There is a shortage of 30 units because demand (100 units) exceeds supply (70 units). This imbalance means the market is not in equilibrium, and typically, prices will rise to restore equilibrium.

Suppose That a Market Is Characterized as Follows: Consumers Are