The equilibrium PRice
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