In 2007 the Nitendo Wii video game console was in short supply. Many retailers ran out of stock, and especially around the holiday season,parents ran from store to store hoping to find a Wii for their kids.
a) Is this a situation of excess supply or excess demand?
b)The list price for the Wii unit was $250. Is the equilibrium price higher or lower than $250?
c)The company sold 7.4 million Wii consoles in the united states in 2007. is the equilibrium quantity higher or lower than 7.4 million?