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Tanya [424]
3 years ago
11

In a market there is a shortage of a good. What change would cause the market to come to an equilibrium?

Business
1 answer:
Oksi-84 [34.3K]3 years ago
3 0

Answer:

D) a rise in price

Explanation:

At the equilibrium point, the quantity demanded and the quantity supplied are the same. There is no excess shortage or supply in both demand and supply.

A shortage occurs when suppliers are not able to meet the market demand. Here, demand is the quantity that buyers are willing to buys at a specific price over time.  As per the law of demand, high product price causes demand to decrease while low price results in increased demand.

A shortage of a product means its demand is high. Many buyers are willing to buy the commodity at the current price.  As per the law of demand, a price increase will result in reduced demand and achieve equilibrium.

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