Demand and supply influences equilibrium price
Changes in both demand and supply of a commodity might or might not influence its equilibrium price. Describe.
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Answer: If demand and supply of a commodity change uniformly, and in similar direction there will be no effect on its price. On other hand, an uneven change in demand and supply will influence equilibrium price. Whenever demand rises more than supply, then equilibrium price will increase. On other hand, when supply rises more than demand, equilibrium price will down or fall.
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Pure competitors produce where P is = MC since: (w) their objective is community welfare, not profit. (x) this always allows them excess profits. (y) maximum profit needs that MR = MC. (z) they can set any price they desire Discover Q & A Leading Solution Library Avail More Than 1436381 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1950027 Asked 3,689 Active Tutors 1436381 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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