What happens if the price of a product is below the equilibrium price?
What happens if the price of a product is below the equilibrium price? If the price is below the equilibrium price, there will be excess demand for the product (shortage of supply), since the quantity demanded exceed quantity supplied, meaning consumers are willing to buy more than producers are willing to sell. This mismatch between … Continue reading What happens if the price of a product is below the equilibrium price?
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