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when quantity demanded = quantity supplied. Market equilibrium: when quantity demanded = quantity supplied.

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Presentation on theme: "when quantity demanded = quantity supplied. Market equilibrium: when quantity demanded = quantity supplied."— Presentation transcript:

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2 when quantity demanded = quantity supplied. Market equilibrium: when quantity demanded = quantity supplied.

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4 Quantity demanded > quantity supplied at all prices lower than R5 per kg (excess demand) Quantity supplied > quantity demanded at all prices higher than R5 per kg (excess supply)

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6 With the equilibrium price it can be seen that… consumerslessmaximum pay  some consumers are paying less than the maximum they are willing to pay suppliersmore minimum accept  some suppliers are receiving more than the minimum they were willing to accept

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