What would happen to the price of a certain commodity if the demand was always greater than the supply? There would be surplus of supply at any given price. Consumers would be willing to pay more for an abundant commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a surplus of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a shortage of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a shortage of supply at any given price. Consumers would be willing to pay

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03-06-2020
Business

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What would happen to the price of a certain commodity if the demand was always greater than the supply? There would be surplus of supply at any given price. Consumers would be willing to pay more for an abundant commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a surplus of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a shortage of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. There would be a shortage of supply at any given price. Consumers would be willing to pay

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please help to answer with working.

ewomazinoade ewomazinoade · Answer 1 · 2020-06-05T02:20:43+02:00

Answer:

Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity.

Explanation:

When demand exceeds supply, there's a scarcity. As a result of the scarcity, consumers would be willing to pay more for the good or service and suppliers would increase the price of the commodity. As a result price would rise.

Please check the attached image for a graph showing effect of excess demand on price

I hope my answer helps you.