If a surplus exists in a market we know that the actual price is

The price is above equilibrium; quantity supplied is more than quantity demanded.

Explanation:

A surplus in the market means the actual price of a  product is above the equilibrium point. The quantity supplied is much more than the quantity demanded. A considerable population of buyers will not afford the product due to its high price.

Higher prices will cause the demand for goods to decrease in the market. When there is a surplus in the market, sellers will tend to reduce the price hence increasing the quantity demanded. This will decrease the quantity supplied. The buyers will now afford the product.

answer; the nav calculated at the market close at 4: 00 pm new york time;

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