When the price of a bond is _________ the equilibrium price, there is an excess supply of bonds and the price will _________

When the price of a bond is _________ the equilibrium price, there is an excess demand for bonds and

When the price of a bond is above the equilibrium price, there is excess _________ in the bond market

When the price of a bond is below the equilibrium price, there is excess _________ in the bond market

A decrease in supply will raise the equilibrium price most when demand is ( ).

A、relatively elastic
B、relatively inelastic
C、unit elastic
D、perfectly elastic