Asked by
Maddi Keylon
on Nov 04, 2024
Verified
If price is above the equilibrium, there will be excess supply of the product.
Excess Supply
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, leading to downward pressure on the price.
- Discern the linkage among price, supply, and demand in the determination of equilibrium in the market.
- Acquire knowledge on the notions of excess supply and demand and their influence on market behavior.
Verified Answer
ET
Learning Objectives
- Discern the linkage among price, supply, and demand in the determination of equilibrium in the market.
- Acquire knowledge on the notions of excess supply and demand and their influence on market behavior.