Homework Answers
¡¡¡. If the price is bellow the equilibrium price than demands at that price is more then supply. Suppose price is 20 (from the given diagram) that is bellow the equilibrium price 40, at that price demand is 200 and supply is only 100 quantity so there is excess demand in the market.
Now consumers are want more products at that price but supply is limited so they pay more money for that product as price of the product increases, and demand will fall and supply will increase, at price 40 the quantity of demand and quantity of supply is same and it rich at the equilibrium point.
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