a. Excess demand occurs when the price is (less/greater) than the equilibrium price; excess supply occurs when the price is (less/greater) than the equilibrium price. b. Arrow up or down: An excess...

a. Excess demand occurs when the price is (less/greater) than the equilibrium price; excess supply occurs when the price is (less/greater) than the equilibrium price.

b. Arrow up or down: An excess demand for a product will cause the price to __________. As a consequence of the price change, the quantity demanded will __________ and the quantity supplied will __________.