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Similar questions View More What happens to equilibrium price of a commodity if there is an increase in its demand and decrease in its supply *?Equilibrium price increases.
"If the demand and supply of a commodity both increase, the equilibrium price may not change, may increase, may decrease."
What is equilibrium price what happens to equilibrium price of a commodity when its demand increases show with the help of diagram?An increase in demand of a commodity results in a rightward shift of demand curve which lead to increase in price. It can be explain by diagram as follow-In the diagram demand and supply of good are equal at point E. So E is equilibrium point. At this point OP is equilibrium price and OQ is equilibrium quantity.
How is the equilibrium price of a commodity affected by an increase in the supply of the commodity?When supply of a commodity increases and its demand remains the same, equilibrium price will decrease and equilibrium quantity demanded and supplied will increase. equilibrium price will increase but equilibrium quantity demanded and supplied will decrease.
What happens if demand increases and supply decreases?Supply and Demand Outcomes
If demand increases and supply remains unchanged, a shortage occurs, leading to a higher equilibrium price. If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower equilibrium price.
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What happens to equilibrium price of a commodity if there is an increase in its demand and decrease in supply?
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