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MARKET EQUILBRIUM (Definition (Situation, Price, Quantity Demanded,…
MARKET EQUILBRIUM
Definition
Situation
Price
Quantity Demanded
Quantity Supplied
SAME
SHORTAGE
Below
Firm
Increase Price
Qs
LESS THAN
Qd
SURPLUS
Above
Firm
Decrease Price
Qs
MORE THAN
Qd
Equilibrium Price
Point
Price Qd = Qs
Equilibrium Quantity
Point
Quantity Qd = Qs
