If quantity demanded exceeds quantity supplied, what most likely needs to happen to achieve equilibrium?
a. the supply needs to increase
b. the price needs to decrease
c. the price needs to increase
d. the demand needs to increase

The correct answer is option c.

Explanation:

If the demand is greater than supply, it indicates a shortage in the economy. It implies that the economy needs to increase the output level.

To reach the point of equilibrium the price level needs to be increased. We know that the quantity demanded and the price level is inversely related. So, when there is an increase in the price the quantity demanded will decrease.

The supply, on the other hand, is positively related to the price level. So, when the price is increased, the quantity supplied will increase as well.

The increase in price will thus increase the quantity and decrease the quantity demanded in such a way that the equilibrium is achieved.

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