When price is below the equilibrium level, there is a shortage of the commodity being sold.
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Q44: Equilibrium price and quantity are determined by
Q45: Even though prices may change frequently, they
Q46: A price above equilibrium always yields a
Q47: When price is above the equilibrium level,
Q48: At equilibrium, quantity demanded equals quantity supplied.
Q50: "Equilibrium" is a situation in which there
Q51: If demand increases, the equilibrium price and
Q52: Drawing the supply curve and the demand
Q53: A shortage occurs when price is higher
Q54: Equilibrium is reached where there is no
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