chapter 8- price determination
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14 Terms
what is equilibrium price
the price at which quantity demanded equal quantity supplied
what is equilibrium quantity
the quantity bought and sold are equal
what is market equilibrium
the point where demand and supply are equal
what is excess demand
when quantity demanded is greater than quantity supplied
what happens to price when there is excess demand
price rises
what happens to price when there is excess supply
price falls
what is excess supply
when the quantity supplied is greater than the quantity demanded
what is another name for excess supply
surplus
what happens when demand increases and supply stays the same
equilibrium price and quantity increases
what happens when demand decreases and supply stays the same
equilibrium price and quantity decreases
what happens when supply rises and demand stays the same
equilibrium price falls and equilibrium quantity rises
what happens when supply falls and demand stays the same
equilibrium price rises and equilibrium quantity falls
what happens when both demand and supply increase
equilibrium quantity increases but the effect on price is uncertain
what happens when both demand and supply decrease
equilibrium quantity decreases but the effect on price is uncertain