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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23-05-2024
Social Studies

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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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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-23T00:41:12-04:00

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.

Learn more about Equilibrium price and supply-demand dynamics here:

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

Answer :

Final answer:

Explanation:

Learn more about Equilibrium price and supply-demand dynamics here:

Other Questions

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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