Answered

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1. Where was the equilibrium price and quantity before the shortage started?

Sagot :

GinnyAnswer

Final answer:

In economics, the equilibrium price and quantity occur where demand equals supply in a market, with no shortage or surplus.


Explanation:

In economics, the equilibrium price and quantity refer to the point where the quantity demanded equals the quantity supplied in a market. Before a shortage occurs, the equilibrium price and quantity are where the demand and supply curves intersect.

For example, if the equilibrium price is $2 per unit and the equilibrium quantity is 100 units, this is where the market is in balance.

At this point, there is neither a surplus nor a shortage of the product.


Learn more about equilibrium price and quantity here:

https://brainly.com/question/40478596


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