When the price of a good is below its equilibrium level, a:

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When the price of a good is below its equilibrium level, there will be a shortage of the good because the quantity demanded will exceed the quantity supplied. This shortage will put upward pressure on the price as consumers will be more willing to pay a higher price to get the limited amount of the good available. As the price increases, suppliers will be incentivized to produce more of the good, moving towards equilibrium.

When the Price of a Good Is Below Its Equilibrium