all else equal, if the price in a market is set above the equilibrium price, which of the following is true…

all else equal, if the price in a market is set above the equilibrium price, which of the following is true? there is excess demand. there is excess supply. producers are willing and able to supply at the equilibrium quantity. consumers are willing and able to demand at the equilibrium quantity.

all else equal, if the price in a market is set above the equilibrium price, which of the following is true? there is excess demand. there is excess supply. producers are willing and able to supply at the equilibrium quantity. consumers are willing and able to demand at the equilibrium quantity.

Answer

Brief Explanations:

In economics, when price is above equilibrium, quantity supplied exceeds quantity demanded due to the law of supply and demand. Producers are incentivized to supply more at higher prices while consumers demand less.

Answer:

There is excess supply.