Exhibit 3-8 Demand and supply data for radios In Exhibit 3-8, at any market price of radios below $50, a(n) ____ would result, causing price to ____.

Question

Exhibit 3-8  Demand and supply data for radios  In Exhibit 3-8, at any market price of radios below $50, a(n) ____ would result, causing price to ____.

Quizplus · Accepted Answer

At any market price of radios below $50, there would be excess demand because the quantity demanded would be higher than the quantity supplied. As a result, sellers can increase the price, causing it to rise.

Exhibit 3-8 Demand and Supply Data for Radios in Exhibit