Answer:
Statement is false.
Explanation:
Equilibrium price only exists when the economic forces are balanced. It means when the supply and demand of any commodity is equalized, the price at that stage is called equilibrium and market price.
This is why, the above statement is false because when supply is greater than the demand, price cannot be on equilibrium.
Answer:
False
Explanation:
The equilibrium or market price exists when the supply of a product is equal to the amount that consumers are willing to purchase.
There's excess supply or surplus when the supply of a product exceeds the amount that consumers are willing to purchase. Price is usually above equilibrium price.
There's excess demand or scarcity when the supply of a product is less the amount that consumers are willing to purchase. Price is below equilibrium price.
I hope my answer helps you
