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
market equilibrium
4
Q
prices are the result of the relationship between buyers and sellers
A
market equilibrium
5
Q
demand = supply
A
equilibrium
6
Q
demand > supply
A
shortage
7
Q
demand < supply
A
surplus
8
Q
above eq point
A
surplus
9
Q
eq point
A
equilibrium price
equilibrium quantity
10
Q
below eq point
A
shortage
11
Q
excess demand
A
↑ P, ↑ Qs
12
Q
excess supply
A
↓ P, ↓ Qs
13
Q
shift to the right
A
price push upward
↑ EP, ↑ EQ
14
Q
shift to the left
A
price pull downward
↓ EP, ↓ EQ
15
Q
direct economic intervention by the government to regulate price; usually for basic commodities
A
price control
