Show the conditions of equilibrium and excess supply

Reference no: EM132152183

Question: (a) Distinguish between ‘Quantity Demanded' and ‘Demand Schedule'.

(b) Distinguish between ‘movement along demand curve' and ‘shift in demand curve'.

(c) By drawing a graph for the market demand and supply (of commodity X) show the conditions of ‘equilibrium', ‘excess demand', and ‘excess supply'.

Reference no: EM132152183

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