Economics (MindTap Course List)
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Economics (MindTap Course List)
Explain how the market moves to equilibrium in terms of shortages and surpluses and in terms of maximum buying prices and minimum selling prices.
Explain how the market moves to equilibrium.
The intersecting point of market demand curve and market supply curve is the equilibrium point or the market clearing point. If a market experiences shortage of goods, the market price is below the minimum selling price. The shortage of goods leads to an increase in the competition of consumers and this competition results in increase in the market price of that good...
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