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In a competitive market for a standardized product with numerous buyers and sellers, suppose the prevailing price is temporarily higher than the price at which the amount sellers wish to sell exactly matches the amount buyers wish to buy. Based on the principles of supply and demand, what will happen next?
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Ch.8 Supply and demand: Markets with many buyers and sellers - The Economy 2.0 Microeconomics @ CORE Econ
The Economy 2.0 Microeconomics @ CORE Econ
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In a competitive market for a standardized product with numerous buyers and sellers, suppose the prevailing price is temporarily higher than the price at which the amount sellers wish to sell exactly matches the amount buyers wish to buy. Based on the principles of supply and demand, what will happen next?
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In a market where many sellers offer an identical product to many buyers, if the current market price results in more units being sought by buyers than are being offered by sellers, the natural market pressure will cause the price to decrease until the quantities align.
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