In a purely competitive market, how would a surplus of a product be eliminated?

Question

Quizplus · Accepted Answer

In a competitive market, if there is a surplus of a product it means that the quantity supplied exceeds the quantity demanded at the prevailing market price. This indicates that the market price is too high, and suppliers will have to lower their prices to increase demand and reduce the surplus. As a result, the price of the product would decrease until the surplus is eliminated and the quantity demanded equals the quantity supplied.

In a Purely Competitive Market, How Would a Surplus of a Product