Question

At a price of $65, consumers demand 650 pairs of shoes, and sellers supply 650 pairs of shoes. At $65, there is _____.

Answer 1

No excess supply or demand

Step-by-step explanation:

As we can see that at the price of $65. the consumer demand is equal to the sellers supply. Hence, there will be no excess supply or demand.

If the consumers demand becomes more than 650 pairs of shoes at a price of $65, then we will say that there is excess demand.

If the sellers supply becomes more than 650 pairs of shoes at a price of $65 and lesser demand, the we will say that there is an excess supply of the pair of shoes.