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If the demand for a commodity increases and the supply decreases, what will be the effect on equilibrium price and quantity? Illustrate with diagrams.
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:max_bytes(150000):strip_icc()/law-of-supply-demand-final-6d3d58ceeb2b462d9a56f2f012641c5f.png "Law of Supply and Demand in Economics: How It Works")
Law of Supply and Demand in Economics: How It Works
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Supply shortage, soaring demand drive up commodity prices, Shankar Sharma explains backwardation in lumber and tin
a) Market equilibria for a "normal" commodity. (b) Typical supply and... | Download Scientific Diagram
If the demand and supply of a commodity both increase, the equilibrium price may not change, - YouTube
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