How does over-supply affect prices and consumer perceptions of a product? Think about a specific product that you use in your everyday life where oversupply is an issue (include as your example).

Over-supply brings prices down. Scarcity is what makes things expensive and when the supply of a certain product is plenty, consumers will be unwilling to pay high price for that product. On the other hand, when there is over-supply, producers will be willing to sell their products at whatever price they can get from the consumers. This also causes the prices to plummet. A good example is tomatoes. If the yield is good, the producers will be willing to sell tomatoes at lower prices as the producers cannot store the product for long periods. Consumers on the other hand, having had enough tomatoes, will not be willing to pay higher prices for tomatoes. All these factors will bring tomato price down.