When equilibrium price of a good is less than its market price, there will be competition among the sellers. Defend or refute.

When equilibrium price of a good is less than its market price, there

1.	When equilibrium price of a good is less than its market price, there will be competition among the sellers. Defend or refute.
Answer» Solution :The given statement is defended. It happens because when the prevailing market price is higher than the equilibrium price, there will be excess supply and since the sellers will not be ABLE to SELL all they WANT to sell, there will be competition AMONG sellers.