Assume the current market price of candles is such that there is a surplus (i.e.

Question

Assume the current market price of candles is such that there is a surplus (i.e., excess supply), which of the following best describes the adjustment process in a competitive market?
Answer







As the price increases, the quantity demanded increases while the quantity supplied decreases.








As the price increases, the quantity demanded decreases while the quantity supplied increases.








As the price decreases, the quantity demanded increases while the quantity supplied decreases.








As the price decreases, the quantity demanded decreases while the quantity supplied increases.

Explanation / Answer

As the price increases, the quantity demanded increases while the quantity supplied decreases.

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