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The interaction of supply and demand GapFill
Target Level
C
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Attempt
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The
price and quantity is determined by the
of demand and
supply. Equilibrium price is also known
as the market
price. Market
forces adjust to
excess demand and supply. The
function of price eliminates
market shortages and surplus. The function of price that demonstrate where
resources are needed is known as
. Consumer surplus is represented by
the area
the equilibrium price and
the demand curve. A
shift of the supply curve will reduce both the consumer and producer
surplus.