Question

the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases and the equilibrium quantity of cabins rented increases.

Answer 1

the price of summer cabins. as summer​ approaches, the equilibrium price of rental cabins increases, and the equilibrium quantity of cabins rented increases increase in demand.

When the price falls below the equilibrium price, the quantity demanded exceeds the quantity supplied, creating an excess demand (short supply) for the product. In other words, consumers want to buy more than producers are willing to sell. This mismatch between supply and demand drives up prices.

Price movements cause equilibrium movement along the supply curve. Such a movement is called a change in supply. Like changes in demand, changes in supply do not shift the supply curve. By definition, it is moved along the supply curve.

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