Question

if the price of goods is above the equilibrium price​

Answer 1

Answer:

Surplus and shortage: If the market price is above the equilibrium price, quantity supplied is greater than quantity demanded, creating a surplus. Market price will fall. Example: if you are the producer, you have a lot of excess inventory that cannot sell.

Answer 2

Answer:

The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium like $1.80, quantity supplied exceeds the quantity demanded, so there is excess supply.