Which explains the connection between the law of demand and excess demand?

A. The law states that decreases in price lead to greater quantity demanded and limited supply, which occurs during excess demand.
B. The law states that increases in price lead to greater quantity demanded and limited supply, which occurs during excess demand.
C. The law states that decreases in price lead to greater supply and equilibrium, which occurs during excess demand.
D. The law states that increases in price lead to greater supply and equilibrium, which occurs during excess demand.

Question

31-07-2024
Business

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Which explains the connection between the law of demand and excess demand?

A. The law states that decreases in price lead to greater quantity demanded and limited supply, which occurs during excess demand.
B. The law states that increases in price lead to greater quantity demanded and limited supply, which occurs during excess demand.
C. The law states that decreases in price lead to greater supply and equilibrium, which occurs during excess demand.
D. The law states that increases in price lead to greater supply and equilibrium, which occurs during excess demand.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-31T02:24:38-04:00

Final answer:

The law of demand explains the relationship between price and quantity demanded, while excess demand occurs when demand surpasses supply, affecting pricing and availability.

Explanation:

The law of demand and excess demand are connected through the relationship between price, quantity demanded, and supply. The law of demand states that as price increases, quantity demanded decreases. Excess demand occurs when the quantity demanded exceeds the quantity supplied at a specific price level, leading to shortages and potentially higher prices.

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