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OD is the original demand curve so that the equilibrium price is P and quantity Q is demanded and supplied. If demand increases from DD to D’D’ the immediate effect is to cause a shortage (shown by the dotted line) at the ruling price P. This shortage will cause the price to be bid upwards and supply to extend until a new equilibrium price is established at P’...
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OD is the original demand curve so that the equilibrium price is P and quantity Q is demanded and supplied. If demand increases from DD to D’D’ the immediate effect is to cause a shortage (shown by the dotted line) at the ruling price P. This shortage will cause the price to be bid upwards and supply to extend until a new equilibrium price is established at P’...
Showed next 250 characters

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