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ECON 201 > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

A situation where the quantity supplied is greater than the quantity demanded

A

Surplus

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2
Q

A situation in which the quantity demanded is greater than the quantity supplied

A

Shortage

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3
Q

The price at which the quantity demanded is equal to the quantity supplied

A

Equilibrium price

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4
Q

The quantity at which the quantity demanded is equal to the quantity supplied

A

Equilibrium quantity

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ECON 201 (7 decks)

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