Chapter #5: Demand, Supply, and Markets

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Microeconomics

COLLEGE

Last updated 4:06 PM on 9/19/26
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7 Terms

1
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Market

a group of buyers and sellers of a particular good or service

2
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Competitive Market

many buyers and sellers where each has a negligible effect on price

3
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Perfectly Competitive Market

many buyers and sellers but all goods are exactly the same where buyers and sellers are price takers

4
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Equilibrium

price is such that the market clears; at that price, the quantity supplied by the sellers is exactly equal to the quantity demanded by the buyers

  • Q^s - Q^d = no tendency for change

  • D(P) = S(P) = D^d = Q^s


5
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Inverse Demand Curve

demand is structured P = b-mQ

6
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Inverse Supply Curve

P = b + mQ

7
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Steps for Inverse

  • Determine inverse demand curve and its slope

  • Determine inverse supply curve and its slope