If the quantity demanded exceeds the quantity supplied at the current market price, then an excess exists. (Insert a single word.)

An excess demand is said to exist if, at the current market price, the quantity demanded is _____ than the quantity supplied.Multiple choice question.greatersmaller

If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall untilGroup of answer choicesthe quantity demanded exceeds the quantity supplied. The market will then be in equilibrium.quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price.all consumers will be able to afford the product.quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.

If producers of milk try to maintain a price above the equilibrium price then the condition of excess demand will exist.Group of answer choicesTrueFalse

A free market is currently experiencing excess supply at a price of P 1.What will be the effect on the current market situation if a maximum price is set above P 1?A The excess supply will increase.B The market will move into an equilibrium position.C There will be no effect.D There will be excess demand

If firms do not increase their quantity supplied when price changes, then supply is ________.