EQUILIBRIUM PRICE AND QUANTITY
At a price of $65, consumers demand 650 pairs of shoes, and sellers supply 650 pairs of shoes. At $65, there is _____. no excess supply or demand excess demand (demand is greater than supply) excess supply (supply is greater than demand)
no excess supply or demand
equilibrium point
point at which the supply and demand curves intersect
At a price of $65, consumers demand 650 pairs of shoes, and sellers supply 650 pairs of shoes. The price of $65 (where quantity supplied and quantity demanded both equal 650 pairs of shoes) is the _____. quantity price equilibrium price excess price
equilibrium price
Consumers' incomes decrease, which causes a decrease in demand. This causes the equilibrium price to _____. increase decrease stay the same
DECREASE
equilibrium price
price at which quantity supplied equals quantity demanded
excess demand
more demand than needed
At a price of $50, consumers demand 1,000 pair of shoes, and sellers supply 500 pairs of shoes. At $50, there is _____. excess demand (demand is greater than supply) no excess supply or demand excess supply (supply is greater than demand)
excess demand (demand is greater than supply)
At a price of $100, consumers demand 450 pairs of shoes, and sellers supply 800 pairs of shoes. At $100, there is _____. excess demand (demand is greater than supply) no excess supply or demand excess supply (supply is greater than demand)
excess supply (supply is greater than demand)
excess supply
more supply than needed