Joe's shoe shop raises prices from the equilibrium price of $40 a pair to its new price of $60 a pair. (Shoes)

Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.

Explanation:

Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.

Probably, there has been much demand before that made Joe's shop increase their price above the equilibrium price thereby making their shoes now more than the demand in the market.

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