Figure 22-9

-In Figure 22-9, at price OC total quantity demanded exceeds quantity supplied and price will rise to

Name: Figure 22-9 -In Figure 22-9, at price OC total quantity demanded exceeds quantity supplied and price will rise to
Brand: Quizplus
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Question

Figure 22-9
 
-In Figure 22-9, at price OC total quantity demanded exceeds quantity supplied and price will rise to

Quizplus · Accepted Answer

At price OC, total quantity demanded exceeds quantity supplied, creating a shortage. To eliminate the shortage, price will rise until quantity demanded equals quantity supplied. In both countries, this occurs at price OA.

Figure 22-9 -In Figure 22-9, at Price OC Total Quantity Demanded Exceeds