Answer:
Less than $10 and higher than $7
Explanation:
Equilibriumbis the point where demand and supply meet, meaning the amount suppliers are willing to supply is equal to the amount demanded by customers.
In this scenario, the amount customers are demanding is less than supply (excess supply). So consumers are willing to pay less for the surplus of goods in the market.
On the other hand suppliers have excess goods at higher prices that consumers are willing to pay for.
To bring equilibrium consumer quantity will increase and price will be above $7. Suppliers will reduce the amount supplied at a price less that $10.
