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Advanced Placement (AP)Advanced Placement (AP)
27 November, 02:31

What happens in a market when suppliers set prices higher than equilibrium and will not adjust to the market?

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  1. 27 November, 05:56
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    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. If the market price is below the equilibrium price, quantity supplied is less than quantity demanded, creating a shortage.
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