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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Explain how the market moves to equilibrium in terms of shortages and surpluses and in terms of maximum buying prices and minimum selling prices.

To determine

Explain how the market moves to equilibrium.

Explanation

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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