Question

At a price of $50, consumers demand 1,000 pair of shoes, and sellers supply 500 pairs of shoes. At $50, there is _____. A.excess demand (demand is greater than supply) B.excess supply (supply is greater than demand) C.no excess supply or demand

Answer 1

Answer: A. Excess demand (demand is greater than supply)

Step-by-step explanation:

Answer 2

Hi there! The answer is A. Excess demand (demand is greater than supply)

At a price of $50, consumers demand 1,000 pair of shoes, and sellers supply 500 pairs of shoes.

In short: price $50
supply 500
demand 1,000

1,000 > 500 and therefore the demand is greater than the supply. In economics this is called excess demand. The answer is A.