Was the equilibrium price higher than, lower than, or equal to $400?

In December 2013, the new versions of Microsoft Xbox and Sony Playstation 4 game consoles were in short supply. Many retailers ran out of stock, and especially around the holiday season, parents ran from store to store hoping to find a new game console to give their kids as a present. (LO3-1, LO3-2) a) At the time, was the game console market facing a situation of excess demand, excess supply, or equilibrium? b) The list price for the Playstation 4 unit was $400. Was the equilibrium price higher than, lower than, or equal to $400? c) Sony sold 4.2 million Playstation 4 units in the United States in 2013. Was the equilibrium quantity higher than, lower than, or equal to 4.2 million?

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