The equilibrium PRice

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

The equilibrium quantity is equal to

Both quantity demanded and quantity supplied at the equilibrium price

In a market, buyers compete with _______, and sellers compete with ____

Other buyers; other sellers

The demand and supply curve show how buyer and sellers ______; the interaction of buyers and sellers _______.

Respond to prices; determins the price

When there is a surplus in a market:

Sellers have an incentive to reduce their prices so they can outcompete other sellers and sell more

the equilibrium price is the only _____ price

Stable

Graphically speaking, the equilibrium price and quantity can be found by locating

The intersection of the supply and demand curve

A surplus will occur in the market for oil if:

The price of oil is above the equilibrium price

The equilibrium price is the price where

The quantity demanded is equal to the quantity supplied

At a price lower than the equilibrium price, there is a ________, and buyers ________.

shortage; demand more than sellers are willing to sell


संबंधित स्टडी सेट्स

6.05 Italian and German Unification

View Set

Ch 36 Management of PT with Immune Def.

View Set

Ch.11 VHL answers (contextos/ cultura/ extructura 11.1)

View Set

Computer Networking: A Top Down Approach Ch 2

View Set

Life and Health Insurance: Chapter 4

View Set

Part 7: Federal Tax Consideration for Life Insurance & Annuities

View Set

Psych 3375: Chapter 12 Substance-Related and Addictive Disorder

View Set

Unit 4: Maximum Permissible Exposure (MPE), Nominal Ocular Hazard Distance (NOHD) and Nominal Hazard Zone (NHZ)

View Set