3.3 Market Equilibrium: Bringing Demand and Supply Together
Figure 3.2
-Figure 3.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that

Question

3.3 Market Equilibrium: Bringing Demand and Supply Together
  Figure 3.2
-Figure 3.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that

Quizplus · Accepted Answer

When the actual price is above the equilibrium price, there is a surplus of goods (in this case, t-shirts), leading to a decrease in price until the quantity demanded equals the quantity supplied, restoring market equilibrium.