Question

at a price of $100, consumers demand 450 pairs of shoes, and sellers supply 800 pairs of shoes. at $100, there is _____.

Answer 1

At the price of $ 100 there is an excess of supply.

That means the price is above the equilibrium price.

The price of balance is practiced when the quantity of shoes offered is equal to the quantity of shoes demanded. That is, when the equilibrium price is practiced, there is no oversupplied or suppressed demand.

However, when the price is above the equilibrium price, the bidders are encouraged to bid more, as is the case for this exercise.

On the contrary, if the price were below equilibrium, consumers would demand more, but shoe producers would offer less.

Answer 2

According to that condition, There is an Excess supply (supply is greater than demand)
It's stated that the consumers only demanded 450 pairs, while 800 of them being supplied, creating 350 pairs excess in supply

hope this helps