The gap between demand and supply curves above the equilibrium price is

The gap between the demand and supply curves above the equilibrium price is called "excess supply". In a market, the demand curve shows the quantity of goods or services that buyers are willing to purchase at different prices, while the supply curve shows the quantity of goods or services that sellers are willing to offer at different prices. At the equilibrium price, the quantity demanded equals the quantity supplied. However, if the price is set above the equilibrium price, the quantity supplied exceeds the quantity demanded, resulting in an excess supply or surplus. This indicates that producers are producing more than what consumers are willing to buy at that particular price, and they may need to lower the price to clear the surplus.