Question

3. The values for p and q represent the equilibrium point. As related to the troupe's

fundraiser, what does the equilibrium point represent?
4. What happens when the quantity is above the equilibrium point?
don't wanna
The quanity increases because people
pay more than the equilibrium Price
5. What happens when the quantity is below the equilibrium point?
I need help

Answer 1

Answer: The equilibrium point represents the raising or lowering the price in response to changes in the supply or demand.

If the price of a good is above equilibrium, this means that the quantity of the good supplied exceeds the quantity of the good demanded.

If the quantity is below the equilibrium point, it will create a shortage. because the quantity supplied is less than quantity demanded.

Hope this helps!

Explanation: