What occurs when the market price is above the equilibrium price?ShortageSurplusNo changeDemand shifts to the left
Question
Solution 1
When the market price is above the equilibrium price, a surplus occurs. This is because the quantity supplied exceeds the quantity demanded. Sellers will lower prices in order to clear their excess inventory. This process continues until the market reaches equilibrium again. Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI StudyG
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