question 1how is the equilibrium price determined, Microeconomics

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question 1how is the equilibrium price determined

Question 1

How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?

Question 2

Briefly discuss the determinants of demand other than price.

Question 3

What is production? What economic factors are involved in production?

Question 4

Distinguish between scarcity and shortages.

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