When the price of a good is above the equilibrium, there will be
Answer Details
When the price of a good is above the equilibrium, there will be a surplus. This is because at the higher price, suppliers are willing to supply more of the good than consumers are willing to buy. As a result, there will be excess supply, or a surplus, of the good. To get rid of this surplus, suppliers may have to lower their prices until they reach the equilibrium price where the quantity supplied equals the quantity demanded.