Equilibrium Flashcards
1
Q
What is Perfect competition
A
A theoretical market where buyers and sellers can exist together
2
Q
What are the main points of Shifts in Supply and Demand
A
Shifts in Demand Curve
Shifts in Supply Curve
New Equilibrium
3
Q
What are Shifts in Demand Curve
A
Any change that is not related to price like:
- Preferences
- Expectations
- etc
4
Q
What is the Shifts in Supply Curve
A
Anything besides price that could cause a supply increase
5
Q
What is New equilibrium
A
The equilibrium that is made after a shift in either demand or supply
6
Q
A
