-Refer to the above table about a free market of earbuds. When the quantity demanded is 3000 earbuds and the quantity supplied is 1500 earbuds, the market price of earbuds will likely
A) decrease to $8.
B) decrease to $6.
C) increase to $12.
D) stay unchanged at $10.

Question

-Refer to the above table about a free market of earbuds. When the quantity demanded is 3000 earbuds and the quantity supplied is 1500 earbuds, the market price of earbuds will likely
A) decrease to $8. 
B) decrease to $6. 
C) increase to $12. 
D) stay unchanged at $10.

Quizplus · Accepted Answer

When the quantity demanded exceeds the quantity supplied, it indicates a shortage in the market. To balance the market, the price will likely increase to reduce demand and increase supply, moving towards equilibrium.

-Refer to the Above Table About a Free Market of Earbuds