1.2.3 Markets Flashcards
(6 cards)
1
Q
The price where supply and demand are equal
A
Equilibrium price
2
Q
Price X Quantity =
A
Total Revenue
3
Q
There is an increase in quantity and price.
It moves the demand curve towards the right.
It moves along the supply curve.
A
Demand has increased
4
Q
There is a decrease in quantity and price.
It moves the demand curve towards the left.
It moves along the supply curve.
A
Decrease in demand
5
Q
An increase in quantity
A decrease in price
It moves the supply curve towards the RIGHT.
Moves along the demand curve
A
Increase in supply
6
Q
A decrease in quantity
An increase in price
It moves the supply curve towards the left
Moves along the demand curve
A
Supply decreases
