-Refer to the above graph to answer this question.What is true about the possible surpluses and shortages in this market if the price is $1,000 above equilibrium?

Question

Quizplus · Accepted Answer

If the price is set $1,000 above the equilibrium price, the quantity supplied will exceed the quantity demanded, leading to a surplus. The graph (not visible in this format) typically shows the intersection of supply and demand curves at equilibrium. A price above equilibrium results in a surplus because suppliers are willing to supply more than consumers are willing to buy at that price.

-Refer to the Above Graph to Answer This Question