9 Market Equilibrium Flashcards
1
Q
price that balances Qd and Qs
A
equilibrium price
2
Q
number of Qd and Qs at equilibrium price
A
equilibrium quantity
3
Q
consumers can buy what they want to buy; producers can sell what they want to sell
A
equilibrium quantity
4
Q
prices are the result of the relationship between buyers and sellers
A
equilibrium quantity
5
Q
demand: 100, supply: 100
A
equilibrium
6
Q
demand: 100, supply: 80
A
shortage
7
Q
demand: 60, supply: 100
A
surplus
8
Q
if it is above the EQ point, where Qd < Qs, then it is a…
A
surplus
9
Q
point where there is equilibrium in price and quantity
A
EQ point
10
Q
if it is below EQ point, where Qd > Qs, then it is a…
A
shortage
