Suppose that an excess demand exists in a market operating under perfect competition. Then we may conclude that O a. The market price must decrease O b. The market price is above the equilibrium price O c. The quantity supplied has increased O d. The market price is below the equilibrium price O e. The quantity demanded has decreased When the government fixes the price of bread below the equilibrium price and no supplier can sell at a higher price, the likely result is O a. an increase in the number of wheat producing farmers O b. A leftward shift in the demand curve for bread O c. An excess supply O d. A shift in the supply curve for bread to the right O e. An excess demand If the nominal rate of interest is 10% and the expected real rate of interest is 3%, then the expected rate of inflation is O a. 30% O b. 10% O c. 13% O d. 3.33% O e. 7%