hen the price of a good is above its equilibrium price, a: a. surplus puts downward pressure on the price. b. shortage puts upward pressure on the price. c. shortage puts downward pressure on the price. d. surplus puts upward pressure on the price.

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19-12-2022
Business

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hen the price of a good is above its equilibrium price, a: a. surplus puts downward pressure on the price. b. shortage puts upward pressure on the price. c. shortage puts downward pressure on the price. d. surplus puts upward pressure on the price.

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tutorconsortium613 tutorconsortium613 · Answer 1 · 2022-12-22T19:03:42+01:00

The correct option is A. When the price is above the equilibrium price, we would expect the quantity demanded to less than the quantity supplied. As a result, the surplus will incur and the market would get clear only when there is downward pressure on the price level until it reaches the equilibrium price.

What is the equilibrium price?

An equilibrium price is the consumer cost assigned to some product or service such that supply and demand are equal, or close to equal, it is also known as a market-clearing price, The manufacturer can sell all the units they want to move and the customer can access all the units they want to buy.

The correct option is A. When the price is above the equilibrium price, we would expect the quantity demanded to less than the quantity supplied. As a result, the surplus will incur and the market would get clear only when there is downward pressure on the price level until it reaches the equilibrium price.

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