Joe's shoe shop raises prices from the equilibrium price of $40 a pair to its new price of $60 a pair. (Shoes)

Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.

Explanation:

Prices that are above the equilibrium price means that there is a surplus, meaning; quantity supplied exceeded quantity demanded for. When the price is below the equilibrium price it means there is a shortage, i.e quantity demanded is more than the quantity supplied.

Probably, there has been much demand before that made Joe's shop increase their price above the equilibrium price thereby making their shoes now more than the demand in the market.

idk but found this on google

"the kansas-nebraska act allowed each territory to decide the issue of slavery on the basis of popular sovereignty. kansas with slavery would violate the missouri compromise, which had kept the union from falling apart for the last thirty-four years. the missouri compromise had prevented this from happening since 1820."

trade regulation is a field of law, often bracketed with antitrust (as in the phrase “antitrust and trade regulation law”), including government regulation of unfair methods of competition and unfair or deceptive business acts or practices. antitrust law is often considered a subset of trade regulation law. franchise and distribution law, consumer protection law, and advertising law are sometimes considered parts of trade regulation law.

in general the theory of economics says that the more open to trade a country is the better   the result for the same country and the whole economies.

in real life countries impose taxes, quotas, etc which is not so good for the economies.

this kind of commercial war between the usa and china is slowing down the growth of the whole world so we can say that it is a draw back of trade regulations. and the free trade agreements are benefits of trade regulations.