Question: In response to a surplus ( excess supply ) existing in a market Group of answer choices suppliers will engage in price competition, the price

In response to a surplus (excess supply) existing in a market
Group of answer choices
suppliers will engage in price competition, the price will fall towards equilibrium, and the quantity supplied will decrease.
suppliers will engage in price competition, the price will fall towards equilibrium, and the quantity supplied will increase.
suppliers will engage in price competition, the price will rise towards equilibrium, and the quantity supplied will decrease.
suppliers will engage in price competition, the price will rise towards equilibrium, and the quantity supplied will increase.

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