2.5 Price determination Flashcards by Samy Adel | Brainscape

Q

What determines the price in a market system

A

The forces of supply and demand

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What is excess demand

A

When demand > supply (shortage)

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

What is excess supply

A

When supply > demand (surplus)

How well did you know this?

1

Not at all

2

3

4

5

Perfectly