at a given price of a commodity , there is excess demand . is this price an equilibrium price ? if not , how will the equilibrium price be reached?
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Answer provided by Sharun is correct. For detailed explanation, follow the below mentioned link.
https://www.meritnation.com/ask-answer/question/if-equilibrium-price-of-good-is-greater-than-its-market-p/economics/4400110
We request you to post at maximum two queries (which as per you are the most important ones) as this is the peak time where lakhs of other students like you need our help and care. This time we are providing you with the answers to all of your questions, but from the next time, it will be quite difficult for us to do this. Hope you would understand our concern and help us to cater the needs of other students as well.
All the best for your exams!!