6. Equilibrium
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If supply decreases and demand stays the same, there will be a _____.
higher equilibrium price and lower quantity
If demand increases and supply stays the same, there will be a _____.
higher equilibrium price and quantity
The balance between supply and demand is called _____.
equilibrium
The point at which supply equals demand is known as_____.
equilibrium of price and quantity
If supply increases and demand stays the same, there will be a _____.
lower equilibrium price and higher quantity
If demand decreases and supply stays the same, there will be a _____.
lower equilibrium price and quantity
