Solved: What happens when the price is below the equilibrium price, Microeconomics

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What happens when the price is below the equilibrium price

1- What is the simplifying assumption that we make to build a demand curve? How does this relate to a movement along the demand curve and a shift in demand?

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

3- What is the difference between the slope and elasticity?

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