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Demand curve, supply curve and equilibrium (Change in demand (Example that…
Demand curve, supply curve and equilibrium
Change in demand
A shift in the demand curve, either to the left or right
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Change in supply
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A shift in the supply curve, either to the left or right
Equilibrium
Surplus happen when price is bigger than equilibrium price, so, the quantity supplied is bigger than quantity demanded
Shortage happen when price is lower than equilibrium price, so, the quantity demanded is bigger than quantity supplied