When the actual price in a market is above the equilibrium price we would expect:

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 23P
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When the actual price in a market is above the equilibrium price we would expect:

a. a shortage of the good or service.
b. this higher price to be the new equilibrium.
c. a surplus of the good or service.
d. an excess demand or excess supply depending upon the extent of the difference between actual and equilibrium price. 
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