Question

if the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium?

Answer 1

It has been established that the price is determined according to the request for goods by the consumers and the quantity provided by the producers, thus creating a balance in which consumers will want to acquire everything that producers of goods and services producers at the agreed price, and producers are also willing to take their production levels that consumers are demanded, always keeping a balance; since otherwise, the producers would lose to having an excess of goods and very few consuming them, which in turn, would force to lower too much the costs so as not to have a huge loss of profits.