When the current price of an item is greater than the item's market clearing price:. A) supply is greater than demand.
B) demand is greater than supply.
C) quantity supplied is greater than quantity demanded.
D) quantity supplied is less than quantity demanded.

C) quantity supplied is greater than the quantity demanded.

Explanation:

We need not be confused, the market-clearing price is referring to the equilibrium price. Thus, if the current price is above the market-clearing price (that is, the price at which quantity demanded equals quantity supplied), it means the quantity supplied is greater than the quantity demanded of the item.

For example, at a price of $1 per orange, there's an equal amount in quantity demanded and quantity supplied of orange. However, the price increases to $2 per orange; which makes the current price of an orange greater than the market-clearing price of $1.

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