Sia
Question
Statistics
Posted 8 months ago
Which of the following terms describes a situation in which there is an excess quantity demanded in a market?
Choose 1 answer:
(A) Shortage
(B) Surplus
(C) Excess supply
(D) Equilibrium
() Efficiency
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Answer from Sia
Posted 8 months ago
Solution by Steps
step 1
Identify the economic term that corresponds to an excess quantity demanded in a market
step 2
Recognize that an excess quantity demanded occurs when the quantity demanded exceeds the quantity supplied at a given price
step 3
Match the situation described with the correct term from the options provided
Answer
A
Key Concept
Shortage
Explanation
A shortage occurs when the quantity demanded exceeds the quantity supplied at a given price, leading to an excess quantity demanded.
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