If the price is above the equilibrium price, then there is a

Name: If the price is above the equilibrium price, then there is a
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Question

Quizplus · Accepted Answer

When the price is above the equilibrium price, there is a surplus of the product. This is because the quantity supplied exceeds the quantity demanded at that price. In order to clear the surplus, market forces will operate to lower the price until it reaches the equilibrium price, where quantity supplied equals quantity demanded.

If the Price Is Above the Equilibrium Price, Then There