Question

(a) Explain, with the help of a diagram, how a free market would react if a minimum price which
had been set above the equilibrium is removed. [8]

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

If the market price is above the equilibrium price, quantity supplied is greater than quantity demanded, creating a surplus. Market price will fall. ... Therefore, surplus drives price down. If the market price is below the equilibrium price, quantity supplied is less than quantity demanded, creating a shortage.

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