Disequilibrium Flashcards
1
Q
what is disequilibrium
A
when demand and supply do not match and the market does not clear
2
Q
what is joint demand
A
when the demand for one product is directly and positively related to market demand for a related product
3
Q
what is composite demand
A
when a product has more then one use so that an increase in the demand for one product leads to a fall in supply for another
4
Q
derived demand
A
demand that come from the demand for something else
5
Q
what is joint supply
A
where an increase or decrease in supply of one good leads to an increase or decrease in supply of a by-product
