If the price charged in a market was $7 and the equilibrium price in that market was $11, you would expect:

Name: If the price charged in a market was $7 and the equilibrium price in that market was $11, you would expect:
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When the price charged in a market is below the equilibrium price, there is excess demand over supply. This situation typically leads to an increase in the price charged in the market until it reaches the equilibrium price, in this case, $11.

If the Price Charged in a Market Was $7 and the Equilibrium