If the price rises by 60 cents from the equilibrium price, there will be a surplus of 14 units (+14).
What exactly is the Equilibrium Price?
When there is no change, there is equilibrium. This means that an equilibrium price is one at which both the supplier and the customer have no change.
Theoretically, at this price, the amount of products desired by buyers equals the amount of goods offered by sellers. As a result, both demand and supply are in sync with the equilibrium price. In other words, the equilibrium price is the point at which the market's supply and demand become evenly balanced, causing prices for that specific product to remain stable.
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