a shortage would exist and the price would tend to rise from $35 to a higher price. an excess supply would exist and the price would tend to fall from $35 to a lower price. an excess demand would exist and the price would tend to fall from $35 to a lower price. a surplus would exist and the price would tend to rise from $35 to a higher price.
Added by Gary C.
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This would lead to an increase in price as consumers are willing to pay more to obtain the limited supply. Show more…
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