Answered

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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 :

GinnyAnswer

Final answer:

The law of demand states a negative relationship between quantity and price, leading to excess demand.


Explanation:

The law of demand states that quantity and price are negatively related. If the price increases, the quantity demanded decreases, and vice versa. Excess demand occurs when the quantity demanded exceeds the quantity supplied due to factors like low prices.


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