3. The Market Forces of Supply and Demand

In a competitive market, what happens when quantity supplied exceeds quantity demanded at the current price (i.e., there is a surplus)?

A car dealer who does not have enough customers to buy the dealer's current supply of new cars at the posted price is facing which market condition?

In a competitive market, when supply exceeds demand at the current price (creating a surplus), what is the most likely effect on the market price over time?

Which one of the following would NOT occur if the market price was above the market-clearing price?

A surplus results when:

In a competitive market, what typically happens when quantity supplied exceeds quantity demanded at the current price?

In a competitive market, when the quantity supplied at the current price is greater than the quantity demanded (a surplus), what will happen to the market price over time (holding other factors constant)?

All things being equal, when producers sell goods for a lower price, they make: