In a perfectly competitive market, if the market supply increases significantly while demand remains constant, what is likely to happen to the price of homogeneous products?

In a perfectly competitive market, when the supply of products increases significantly while the demand stays the same, the price of those products is likely to decrease. This happens because more products are available than people want to buy at the original price. As sellers compete to attract customers, they may lower their prices to sell their excess inventory. For example, if a farmer grows a lot of apples and there are still only the same number of buyers, the farmer might reduce the price of apples to encourage more people to buy them. This price drop continues until the market reaches a new balance where supply equals demand.