Ch.6 - Equilibrium Price

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Price ceiling

A legally determine maximum price that sellers may receive

Price floor

A legally determine minimum price that sellers may receive

Surplus

A result of quantity supplied being greater than quantity demanded, usually because prices are too high

Equilibrium price

Price at which the quantity of a product demanded by consumers and the quantity supplied by producers are equal

What happens to price if demand increases or supply decreases?

Price decreases

What happens to price if demand decreases or supply increases?

Price increases

Shortage

The results of quantity demanded being greater than quantity supplied


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