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SS2: ECONOMICS - 2ND TERM

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PriceQuantity DemandedQuantity Supplied
601300600
901200900
12011001100
15010001300
1809001500

In the table above, the price N120 is the equilibrium price while the quantity 1100 is the equilibrium quantity. At the price of N60, consumers will be willing to purchase the quantity 1300 units while producers are willing to supply 600 units. 

In the same way, at the price of 150, consumers are willing to purchase 1000 units of the commodity while producers are ready to supply 1300 units. Since quantity supplied is greater than quantity demanded, the price will rise but not beyond N120, where quantity supplied equal to quantity demanded, there is neither shortage nor surplus, where there is no tendency to change. 

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