Market Surplus at Above-Equilibrium Price

Easy Microeconomics Demand And Supply Analysis

In a market for a certain good, the price of the good is determined by the interaction of supply and demand. If the price of the good is above the equilibrium price, which of the following scenarios is most likely to occur?

Surplus of the good in the market.

Shortage of the good in the market.

Equilibrium in the market.

Hint

Submitted1.9K

Correct1.5K

% Correct80%