When the price of a product increases what happens to the demand?
Clase:Economics
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Equilibrium occurs when a buyer and seller agree on a price, thereby signaling that demand and supply are equal. An increase in the demand for a product, followed by a surplus and a subsequent fall in price, results in a new market equilibrium. This new point at which demand meets supply may be higher or lower than the previous equilibrium. If demand changes again, the process repeats itself and a new equilibrium is eventually reached.
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