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3 years ago

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Mathematics

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wel3 years ago

7 0

Answer:

The equilibrium point represents the raising or lowering the price in response to changes in the supply or demand.

If the price of a good is above equilibrium, this means that the quantity of the good supplied exceeds the quantity of the good demanded.

If the quantity is below the equilibrium point, it will create a shortage. because the quantity supplied is less than quantity demanded.

Hope this helps!

Step-by-step explanation:

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