The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase. Group of answer choices True False

False

Explanation:

The equilibrium or market price exists when the supply of a product is equal to the amount that consumers are willing to purchase.

There's excess supply or surplus when the supply of a product exceeds the amount that consumers are willing to purchase. Price is usually above equilibrium price.

There's excess demand or scarcity when the supply of a product is less the amount that consumers are willing to purchase. Price is below equilibrium price.

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