b) shifts in equilibrium price and quantity
Studied by 0 people
View linked note
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/3
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
4 Terms
state what is in excess when a demand curve shifts to the left
state how firms respond
state how this effects the demand and the supply
state how this effects the equilibrium price and quantity
supply
by decreasing prices
extension in quantity demanded + contraction in quantity supplied
equilibrium price decreases + equilibrium quantity decreases
state what is in excess when a demand curve shifts to the right
state how firms respond
state how this effects the demand and the supply
state how this effects the equilibrium price and quantity
demand
by increasing prices
contraction in quantity demanded + extension in quantity supplied
equilibrium price increases + equilibrium quantity increases
state what is in excess when a supply curve shifts to the left
state how firms respond
state how this effects the demand and the supply
state how this effects the equilibrium price and quantity
demand
by increasing prices
contraction in quantity demanded + extension in quantity supplied
equilibrium price increases + equilibrium quantity decreases
state what is in excess when a supply curve shifts to the right
state how firms respond
state how this effects the demand and the supply
state how this effects the equilibrium price and quantity
supply
by decreasing prices
contraction in quantity supplied + extension in quantity demanded
equilibrium price decreases + equilibrium quantity increases
Flashcards (51)