Question

Suppose the price of a good is lower than the equilibrium price. Explain the
changes that will establish equilibrium price

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Answer 1

Answer:

yep

Explanation:

A decrease in demand and an increase in supply will cause a fall in equilibrium price, but the effect on equilibrium quantity cannot be determined. ... For any quantity, consumers now place a lower value on the good, and producers are willing to accept a lower price; therefore, price will fall.

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