A higher price simultaneously __________ the quantity supplied and __________ the quantity demanded,thus reducing the amount of excess __________.

Question

Quizplus · Accepted Answer

If there is excess demand, the quantity demanded exceeds the quantity supplied, so closing the gap involves decreasing quantity demanded and increasing quantity supplied. Both of these will occur as the price rises.

A Higher Price Simultaneously __________ the Quantity Supplied and __________

A Higher Price Simultaneously the Quantity Supplied and