Econ: Unit 2 Market Equilibrium & Consumer and Producer Surplus
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/5
There's no tags or description
Looks like no tags are added yet.
Last updated 9:17 PM on 4/27/25
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
6 Terms
1
New cards
market equilibrium
helps us see how consumers and producers make decisions in markets based on equilibrium
2
New cards
Qd=Qs
price where buyers want to purchase the same amount sellers want to sell; no shortages or surpluses
3
New cards
consumer surplus
benefit to consumers from paying less than the price they’re willing to pay
4
New cards
consumer surplus
benefit to sellers from selling at a price higher than the price they’d be willing to sell
5
New cards
equation to find producer surplus
price equilibrium - willingness to sell
6
New cards
equation to find consumer surplus
willingness to pay - price equilibrium
Note 
Flashcards (108)