When Price Is Higher Than the Equilibrium Price, Quantity Supplied

question 68

Short Answer

When price is higher than the equilibrium price, quantity supplied is _______________ than quantity demanded, and excess _____________ exists.

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Definitions:

As Singles

Refers to individuals not in a romantic relationship or marriage, often highlighting their social status or lifestyle.

Negative Effects

Adverse outcomes or impacts that result from a particular action, event, or situation, often leading to unintended or harmful consequences.

Economic Hardship

Financial strain experienced by individuals or households, often resulting from low income, unemployment, or significant debts.

Well-being

The state of being comfortable, healthy, or happy, encompassing both physical and mental aspects.