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How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
Weegy: The supply and demand model relies on a high degree of competition, meaning that there are enough buyers and sellers in the market for bidding to take place. [ Buyers bid against each other and thereby raise the price, while sellers bid against each other and thereby lower the price. The equilibrium is a point at which all the bidding has been done; nobody has an incentive to offer higher prices or accept lower prices. ] User: How ... (More)
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