econ test - 4/8
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15 Terms
surplus
quantity supplied is greater than the quantity demanded
shortage
quantity supplied is less than the quantity demanded
what does a price floor cause?
surplus
what does a price ceiling cause?
shortage
if supply decreases
price increases and quantitative easing increases
if supply increases
prices decreased and quantity increase
demand decreases
prices decrease and quantity decrease
demand increases
prices increase and quantity increases
market equilibrium
quantity of a good that buyers want to purchase equals the quantity sellers want to sell
law of supply
increase in price, increase in quantity
law of demand
increase in price, decrease in quantity
what makes a demand elastic
a change in price affects change in quantity demanded
what makes supply elastic?
a change in price affects the quantity supplied
an increase in demand OR supply
shift right
decrease in demand OR supply
shift left