jawzzz13 jawzzz13

12-05-2024
Business

Answered

EXPLAINING EFFECTS What is the result of a price that is
set above the equilibrium price? Below the equilibrium
price?

Answer :

GinnyAnswer GinnyAnswer

12-05-2024

Final answer:

Explanation of market forces adjusting prices above and below equilibrium.

Explanation:

Price above equilibrium: When the price is set above the equilibrium, there is a surplus of goods as quantity supplied exceeds quantity demanded. Market forces such as decreased demand and increased supply will lead the price back to equilibrium.

Price below equilibrium: Conversely, when the price is set below the equilibrium, there is a shortage of goods as quantity demanded exceeds quantity supplied. In this case, market forces such as increased demand and decreased supply will push the price up to the equilibrium level.

Learn more about Market forces and equilibrium prices here:

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