Chapter 3? InQuizitivo: Chapter 3: The Market at work: Supply and Demand ? INQUI

Question

Chapter 3? InQuizitivo: Chapter 3: The Market at work: Supply and Demand ? INQUIZITIVE Chapter 3: The Market at Work: Supply and Demand Page(s) 92-93 | 3,4. How do supply and demand interact to create equilibrium? Fill in the blanks to complete the statement describing market equilibrium. Drag word(s) below to fill in the blank(s) in the passage. The market-clearing price for cantaloupes is the price at which the quantity supplied equals the . then there is a , If the market price is too low, then there is a shortage deand quantity demanded surplus

Explanation / Answer

The market-clearing price is the price at which the quantity supplied equals the quantity demanded. If the market price is too high, then there is a surplus (since quantity supplied will be higher than quantity demanded). If the market price is too low, then there is a shortage (since quantity demanded will be higher than quantity supplied).

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