If the price charged in a market were $10 and the equilibrium price in that market were $8, you would expect:

Question

Quizplus · Accepted Answer

When the price charged in a market is above the equilibrium price, there is a surplus of goods, as the quantity supplied exceeds the quantity demanded at that price. This typically leads to a decrease in the market price to eliminate the surplus and reach the equilibrium price, where the quantity supplied equals the quantity demanded.

If the Price Charged in a Market Were $10 and the Equilibrium