In three to four sentences, explain if there is excess supply or demand of goods at the equilibrium price and why.
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Answer :

Final answer:

Excess supply happens when the quantity supplied surpasses the quantity demanded, resulting in a surplus at prices above the equilibrium level in economics.


Explanation:

Excess supply occurs when the quantity supplied exceeds the quantity demanded at the current price, leading to a surplus. At the equilibrium price, there is neither excess supply nor excess demand, as quantity demanded equals the quantity supplied, creating a balance in the market.


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