Answer:
Surplus and shortage
Explanation:
Surplus and shortage: If the market price is above the equilibrium price, quantity supplied is greater than quantity demanded, creating a surplus. Market price will fall. ... If the market price is below the equilibrium price, quantity supplied is less than quantity demanded, creating a shortage. please mark me bran-list please and i may answer more questions for you
Answer:
A product surplus will occur.
Explanation:
When the price of a product is balanced, there is a balance between supply and demand for that product. In this case, all the product produced is purchased, not allowing for a product overage or surplus.
However, a price outside the equilibrium price will interfere with product availability. This is because when the price is below the equilibrium price (the price is very cheap) the demand for this product will be higher than its production and there will be a shortage of the product in the market. On the other hand, if the price is above the equilibrium price (the price is too expensive) people will stop buying the product, the demand in this case will be less than the supply and there will be a surplus of the product.
