What happens when price is below the equilibrium price, Microeconomics

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What happens when price is below the equilibrium price

Problem

1. Define market equilibrium. What is true of the quantity supplied and demanded at the market equilibrium?

2. What happens when price is below the equilibrium price? Why?

3. In what direction will price and quantity move as a result of a demand shift?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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