When there is excess demand in the economy, price level tends to:
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This excess demand of 6 units will increase competition among the buyers; consequently, the buyers will tend to buy output at higher price (due to the competition), which as a result will increase the market price.
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This excess demand of 6 units will increase competition among the buyers; consequently, the buyers will tend to buy output at higher price (due to the competition), which as a result will increase the market price.
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