Which of the following is not a part of the process which leads to formation of a new equilibrium when price falls below equilibrium price?Extension along supply curveSurplus arising in the marketContraction along demand curveShortage arising in the market

The option that is not a part of the process which leads to formation of a new equilibrium when price falls below equilibrium price is "Shortage arising in the market".

Here's why:

1. Extension along supply curve: When the price falls below the equilibrium price, suppliers are willing to supply less of the product. This is represented by a movement along the supply curve to a point where less is supplied.

2. Surplus arising in the market: When the price is below the equilibrium price, the quantity supplied is less than the quantity demanded. This creates a surplus in the market, as there are more goods available than consumers are willing to buy at that price.

3. Contraction along demand curve: As the price falls below the equilibrium price, consumers demand less of the product. This is represented by a movement along the demand curve to a point where less is demanded.

4. Shortage arising in the market: This is not a part of the process when price falls below equilibrium price. A shortage in the market arises when the price is above the equilibrium price, not below. In this case, the quantity demanded exceeds the quantity supplied.