1.2.3 - Markets Flashcards
1
Q
What is Equilibrium price?
A
Where demand and supply are equal where both sellers and consumers are happy
2
Q
What is a market?
A
Where buyers and sellers can trade together at an agreed price
3
Q
What direction will demand line move if a rise?
A
Right
4
Q
What direction will supply line move if a rise?
A
Right
5
Q
What direction will demand line move if a fall?
A
Left
6
Q
What direction will supply line move if a fall?
A
Left
