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The point at which the supply and demand curves intersect.
Market Equilibrium
The price at market equilibrium is called (), while the quantity at equilibrium is called ().
Equilibrium Price(Market-Clearing Price), Equilibrium Quantity
At equilibrium price, the () of goods buyers are willing and able to buy, as well as what sellers are willing and able to sell.
Quantity
When the quantity supplied exceeds quantity demanded.
Surplus(Excess Supply)
When the quantity demanded exceeds quantity supplied.
Shortage(Excess Demand)
The phenomenon where prices naturally and eventually reach equilibrium.
Law Of Supply And Demand
The first step in analyzing changes in equilibrium is to decide whether (), (), or both shift.
Supply, Demand
The 2nd step in analyzing changes in equilibrium is deciding the () of the curve shifts.
Direction
The 3rd step of analyzing changes in equilibrium is seeing how the shift changes ().
Equilibrium Price And Quantity
