At a price above the equilibrium level in a competitive market, quantity supplied exceeds quantity demanded. What term describes this gap, and what pressure does it put on price?

1. Above equilibrium, sellers want to sell more than buyers want to buy at that price. 2. The unsold gap is called excess supply, or a surplus. 3. Unsold gasoline accumulates at stations and refineries, so some sellers cut their price rather than hold unsold stock. 4. As sellers compete for the remaining buyers, price is pulled back down toward equilibrium. 5. Option C is wrong because a surplus creates pressure to lower price, not raise it further. _Source: OpenStax Principles of Macroeconomics for AP Courses (CC BY 4.0), Ch 3 "Demand and Supply", section 3.1 | Demand, Supply, and Equilibrium in Markets for Goods and Services_