A local farmer markets his potatoes at a price lower than the market equilibrium price. What is the likely outcome in this perfectly competitive market for potatoes?

When a farmer sells his potatoes at a price lower than the market equilibrium price, it means he is offering them for less than what most buyers are willing to pay. This will likely lead to an increase in demand for his potatoes since more consumers will find them affordable. At the same time, other farmers might not be able to sell their potatoes at that lower price, which could lead to a shortage in the market. For example, if the equilibrium price for potatoes is $2 per pound and the farmer sells them for $1. 50, more customers will buy from him, but other farmers might reduce their supply because they can't compete.