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At a given price of a …

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At a given price of a commodity, there is a excess supply.it is a equilibrium price?If not, how will be the equilibrium price be reached?

Posted by Manasvi Kanchan 6 years, 8 months ago

CBSE > Class 12 > Economics

2 answers

Rajat Katkani 6 years, 8 months ago

No it is not the equilibrium price of the commodity it will be attained by a chain of reactions that are at excess supply situation the sellers start competing among themselves which would lead to fall in prices of the good which in turn leads to decrease in supply and increase in demand the changes continuous till demand is equal to supply and market equilibrium is hence reached

K Uma Mahesh 6 years, 8 months ago

No it is not in equilibrium it will reach equilibrium when supply = demand of de product at a given price

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