Which explains the connection between the law of demand and excess demand?
O The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during
excess demand.
The law states that increases in price increases leads to greater quantity demanded and limited supply, which
occurs during excess demand.
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess
demand.
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess
demand.

Question

27-05-2024
History

Answered

Which explains the connection between the law of demand and excess demand?
O The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during
excess demand.
The law states that increases in price increases leads to greater quantity demanded and limited supply, which
occurs during excess demand.
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess
demand.
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess
demand.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-27T16:07:29-04:00

Final answer:

The law of demand explains the negative relationship between quantity and price. Excess demand happens when quantity demanded surpasses the available supply at a given price level.

Explanation:

The law of demand states that quantity and price are negatively related.

When the price of a product increases, the quantity demanded decreases.

Excess demand occurs when the quantity demanded exceeds the available supply at a specific price level.

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