If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 12,000 per year, there is a ________ in the market and the price will ________.

Question

Quizplus · Accepted Answer

When the quantity demanded exceeds the quantity supplied, there is a shortage in the market, leading to an increase in price as consumers are willing to pay more to obtain the product.

If the Quantity of Textbooks Supplied Is 10,000 Per Year