How is price determined?
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The middle point where demand and supply cross represent what?
Equilibrium price (market price)
Price is determined by?
Interaction between demand and supply
Below (shaded area)
Shortage
Above (shaded area)
Surplus
Price ceiling
doesn't allow price to go above a certain point, causes shortage
Price floor
doesn't let price below a certain point, causes surplus
Oligopoly
few sellers
Monopsony
one buyer
Monopoly
one seller
Natural monopoly
public utility (regulated by government), IID, Spectrum
