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Unit 3 AOS1 > Equilibrium > Flashcards

Equilibrium Flashcards

1
Q

Equilibrium

A

Where the quantity demanded and supplied are equal

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2
Q

Shortage

A

-Where price is set below new equilibrium
-Quantity demanded exceeds the quantity supplied

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3
Q

Surplus

A

-Where price is set above the new equilibrium
-Where the quantity supplied exceeds the quantity demanded

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Unit 3 AOS1 (14 decks)

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