supply and demand Flashcards by matcha lattei2

Q

The point where quantity demanded = quantity supplied

A

market equilibrium

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Q

The price at which market equilibrium happens

A

equilibrium price

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Q

The amount bought and sold at that price

A

equilibrium quantity

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Q

disequilibrium

A

surplus and shortage

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Q

The price at which market equilibrium happens

A

equilibrium price

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Q

Quantity supplied > Quantity demanded (price too high)

A

surplus (excess supply)

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Q

Quantity demanded > Quantity supplied (price too low)

A

shortage (excess demand)

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