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What is Demand and Supply Shifts Explained about?
A surplus occurs when quantity supplied exceeds quantity demanded at the current price, leading sellers to lower the price to reduce inventories. A shortage occurs when quantity demanded exceeds quantity supplied at the current price, leading sellers to raise the price to balance supply and demand. In both cases, the price adjusts until supply and demand are equal, restoring market equilibrium.
- Author
- Wajahat Ali
- Language
- EN