supply and demamd
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/6
Last updated 1:35 AM on 10/9/26
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
7 Terms
1
New cards
shortage
when demand (Qd) is larger than supply (Qs)
2
New cards
surplus
when supply (Qs) is larger than demand (Qd)
3
New cards
market quantity demanded
adding up consumer demands at a certain price
4
New cards
comparative advantage
which option has the lower OC
5
New cards
absolute advantage
which option has the higher productivity (α)
6
New cards
equilibrium price or quantity
substitution method (e.g. Qd = 50 + 5P; Qs = 600 - 7P so: 50 + 5P = 600 - 7P)
7
New cards
inverse form
swap the sum! if it’s Q = 5 +5P then rewrite it so it equals P → P = 0.2Q -5