The equilibrium price of orange is 50k. If for some reason the price rises to 60k, there will be

Answer Details

If the price of oranges rises from the equilibrium price of 50k to 60k, there will be an excess supply of oranges in the market. This is because the higher price incentivizes more orange producers to supply oranges to the market, while at the same time, fewer buyers are willing to purchase oranges at the higher price. The result is that there are more oranges available than buyers willing to purchase them, leading to an excess supply of oranges. A shortage in the market would occur if the price of oranges remained at 50k but there were many buyers in the market, causing demand to exceed supply.