Theme 1.2.3 Flashcards
1
Q
Equilibrium price
A
the price where supply and demand are equal
2
Q
excess demand
A
the position where demand is greater than supply at a given price and there are shortages in the market
3
Q
excess supply
A
the position where supply is greater than demand at a given price and there are unsold goods in the market
4
Q
total revenue
A
the amount of revenue generated from the sale of goods
5
Q
formula of Total revenue
A
selling price x quantity
