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Svet_ta [14]
2 years ago
8

1. Where was the equilibrium price and quantity before the shortage started?

History
1 answer:
liraira [26]2 years ago
6 0

A shortage occurs when the demanded quantity of a good or service exceeds its supplied quantity and this causes an increase in price.

<h3>What is Equilibrium Price?</h3>

This refers to the place where the supply of goods meets demand and the supply and demand are balanced.

Hence, we can see that when there is a shortage, the thing that would happen to the equilibrium price and quantity would be a price rise until the shortage is removed and the quantity supplied equals the quantity demanded.

Please note that your question is incomplete, so a general overview was given to give you a better understanding of the concept.

Read more about equilibrium price here:

brainly.com/question/22569960

#SPJ1

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