If the price is below the equilibrium price, there will be a Group of answer choices shortage and the price will go down surplus and the price will go up shortage and the price will go up surplus and the price will go down None of these answers is correct

• shortage and the price will go up

Explanation:

The equilibrium price is the price at which the quantity demanded is equal to the quantity supplied. If the price is below the equilibrium, then quantity demanded will be greater than the quantity supplied as suppliers produce less when prices are low and buyers are willing and able to purchase more when price goes down which will create a shortage. When there is a shortage, the price will go up because there is excess demand.