Question

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Answer 1

1) When the supply and demand curves intersect, the market is in equilibrium. This is where the quantity demanded and quantity supplied are equal.

2)The corresponding price is the equilibrium price or market-clearing price, the quantity is the equilibrium quantity.

3) goods brought on by fads

4) Because supply shock is a sudden change of a good. Meaning if it is a negative shock, the equilibrium price and quantity of course will go down. And if it is a positive shock, vice versa of negative.

5) consumers are able to pay more so they can buy a product when rationing makes it unavailable