Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price

Please provide the best answer for the statement.

If the price of a product is below its equilibrium price, the quantity demanded will be greater than the quantity supplied and the price will be bid up as buyers compete to obtain the product and sellers realize that they can raise the price. As the price rises, the quantity supplied will increase and the quantity demanded decrease until the two are equal at the so-called equilibrium or market-clearing price.
If the price of a product is above its equilibrium price, the quantity supplied will be greater than the quantity demanded and a temporary surplus exists. As sellers compete, the price will fall and the quantity demanded will increase and the quantity supplied will decrease until the two are equal at the equilibrium or market-clearing price.