Suppose the market for cod is unregulated. In other words, the price of cod can adjust freely based on supply and demand forces. If a surplus exists in the cod market, then the current price must be market, you would expect

If a surplus exists in the cod market, then the current price must be above the equilibrium price. This is because suppliers are producing more cod than consumers are willing to buy at that price, leading to excess inventory. To eliminate the surplus, suppliers will likely lower their prices, prompting an increase in demand as consumers find cod more attractive, ultimately aiming to reach the equilibrium point where supply equals demand. In this unregulated market, you would expect the price of cod to fluctuate over time. As prices adjust, they incentivize fishermen to either catch more cod or reduce their catch depending on the market's conditions. Consequently, in a freer market, consumers can enjoy varying prices and availability of cod, while providers must be quick on their feet to keep up with shifts in demand. This dance between supply and demand makes market dynamics both captivating and complex!