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