CBSE BOARD XII, asked by tpeer, 10 months ago

A Market for a good is in equilibrium. Demand for good ‘increases’. Explain the chain effects of this change.

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Answers

Answered by rithvik301
2

Answer:

When the price is constant, surplus demand emerges.

This also increases the competition among the buyers insisting them to raise the price

A rise in the price of a product cause fall or decrease in the demand and expansion or rise in supply

The cost of the product continues to increase until the market is in balanced at a greater price.

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