4.3 Market Equilibrium: Bringing Demand and Supply Together

-Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an

Question

4.3 Market Equilibrium: Bringing Demand and Supply Together
 
-Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an

Quizplus · Accepted Answer

An excess supply of 8 t-shirts occurs when the actual price is above the equilibrium price, leading to suppliers producing more t-shirts than consumers are willing to buy at that price.