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Fill in the blanks to complete the statement describing market equilibrium.

The market-clearing price for cantaloupes is the price at which the ________ supplied equals the ________ demanded.

If the market price is too high, then there is a ________.

If the market price is too low, then there is a ________.

Options:
- surplus
- quantity demanded
- demand
- shortage



Answer :

GinnyAnswer
Sure, let’s fill in the blanks to complete the statement:

The market-clearing price for cantaloupes is the price at which the quantity supplied equals the quantity demanded, then there is a market equilibrium. If the market price is too high, then there is a surplus. If the market price is too low, then there is a shortage.

So the filled-in statement will be:

The market-clearing price for cantaloupes is the price at which the quantity supplied equals the quantity demanded, then there is a market equilibrium. If the market price is too high, then there is a surplus. If the market price is too low, then there is a shortage.

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