b) Shifts in equilibrium price and quantity

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Last updated 5:31 PM on 1/18/26
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4 Terms

1
New cards

  • state what is in excess when a demand curve shifts to the left

  • state how firms respond

  • show how this response affects equilibrium price and quantity

  • supply

  • by decreasing prices

  • equilibrium price decreases + equilibrium quantity decreases

<ul><li><p>supply</p></li><li><p>by decreasing prices</p></li><li><p>equilibrium price decreases + equilibrium quantity decreases</p></li></ul><p></p>
2
New cards

  • state what is in excess when a demand curve shifts to the right

  • state how firms respond

  • state how this response affects equilibrium price and quantity

  • demand

  • by increasing prices

  • equilibrium price increases + equilibrium quantity increases

<ul><li><p>demand</p></li><li><p>by increasing prices</p></li><li><p>equilibrium price increases + equilibrium quantity increases</p></li></ul><p></p>
3
New cards

  • state what is in excess when a supply curve shifts to the left

  • state how firms respond

  • state how this response affects equilibrium price and quantity

  • demand

  • by increasing prices

  • equilibrium price increases + equilibrium quantity decreases

<ul><li><p>demand</p></li><li><p>by increasing prices</p></li><li><p>equilibrium price increases + equilibrium quantity decreases</p></li></ul><p></p>
4
New cards

  • state what is in excess when a supply curve shifts to the right

  • state how firms respond

  • state how this response affects equilibrium price and quantity, and quantity supplied

  • supply

  • by decreasing prices

  • equilibrium price decreases + equilibrium quantity increases

<ul><li><p>supply</p></li><li><p>by decreasing prices</p></li><li><p>equilibrium price decreases + equilibrium quantity increases</p></li></ul><p></p>