Question

if the price of good is above equilibrium price then.​

Answer 1

Answer:

If the price of a good is above equilibrium, this means that the quantity of the good supplied exceeds the quantity of the good demanded. There is a surplus of the good on the market.

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Answer 2

if the price of good is above equilibrium price then.​

• When the price is higher than equilibrium, there is a surplus, which motivates sellers to reduce their prices in order to reduce the surplus. Any price below equilibrium will result in a shortage, which raises the cost of the good.
• Since the quantity sought exceeds the quantity provided, or when customers are prepared to buy more than producers are willing to sell, there will be an excess demand for the product (a shortage of supply) if the price is below the equilibrium price. Because of this imbalance between supply and demand, prices will go higher.
• The equilibrium point is reached when the quantity supplied and the quantity required are equal. The quantity supplied will exceed the quantity required when the price floor is higher than the equilibrium price, creating.
• When quantity provided and quantity demanded are equal at the current pricing, this is referred to as a market equilibrium.
• The quantity required exceeds the quantity provided when the current price is lower than the equilibrium price, creating a shortfall. In this scenario, some customers have an incentive to provide a marginally higher price in order to complete their intended purchase.

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