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


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