Final answer:
A market price above the equilibrium level results in a surplus, as the quantity supplied exceeds the quantity demanded, leading to excess supply.
Step-by-step explanation:
When the market price is above the equilibrium level, the result is a surplus. At this price, the quantity of the good that producers are willing to supply exceeds the quantity that consumers are willing to purchase. In other words, there is an excess supply in the market. This situation occurs because the higher price makes it less attractive for consumers to buy, while producers are encouraged to produce more because they can sell the good at a higher price.
Ultimately, these economic pressures tend to push the price down toward the equilibrium level, where the quantity supplied equals the quantity demanded.