the figure above shows the market for a certain type of backpack. if the price of the backpacks is $15…

the figure above shows the market for a certain type of backpack. if the price of the backpacks is $15, then: o the quantity demanded exceeds the quantity supplied of backpacks by 75. the price will eventually rise to $25 where quantity demanded will equal quantity supplied. o the demand exceeds the supply of backpacks by 55. some consumers will have an incentive to offer to buy backpacks at a higher price. o there is a shortage, equal to 55 backpacks, that will be eliminated when the price rises to $25. o there is a shortage equal to 55 backpacks; the price of backpacks will rise until demand is equal to supply.

the figure above shows the market for a certain type of backpack. if the price of the backpacks is $15, then: o the quantity demanded exceeds the quantity supplied of backpacks by 75. the price will eventually rise to $25 where quantity demanded will equal quantity supplied. o the demand exceeds the supply of backpacks by 55. some consumers will have an incentive to offer to buy backpacks at a higher price. o there is a shortage, equal to 55 backpacks, that will be eliminated when the price rises to $25. o there is a shortage equal to 55 backpacks; the price of backpacks will rise until demand is equal to supply.

Answer

Brief Explanations:

In a market - when price is below equilibrium, quantity demanded exceeds quantity supplied, creating a shortage. Here, at a price of $15 for backpacks, the quantity demanded is greater than the quantity supplied. The shortage is the difference between quantity demanded and quantity supplied. As price rises, quantity demanded falls and quantity supplied rises until equilibrium is reached.

Answer:

The quantity demanded exceeds the quantity supplied of backpacks. When the price is $15, there is a shortage in the market for backpacks, and the price will rise until demand equals supply. So the correct statement is: the quantity demanded exceeds the quantity supplied of backpacks.