Equilibrium price
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11 Terms
1
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Equilibrium price
quantity demanded equals quantity supplied; "market clearing price"
2
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If prices are too high
more supply than demand- surplus
3
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If prices are too low
less supply than demand- shortage
4
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When demand increases
price increases, quantity increases
5
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When demand decreases
price decreases, quantity decreases
6
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When supply increases
price decreases and quantity increases
7
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when supply decreases
price increases, quantity decreases
8
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when demand increases and supply increases
price unknown, quantity increases
9
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Demand decreases and supply decreases
price unknown, quantity decreases
10
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Demand increases and supply decreases
price increases, quantity unknown
11
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Demand decreases and supply increases
Price decreases and quantity unknown
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Flashcards (51)