equilibrium (mrs) Flashcards
1
Q
what is the equilibrium ?
A
when supply and demand meat
(also known as market clearing price)
2
Q
what is access supply ?
A
when the quantity supplied to a market is greater than the quantity demanded
3
Q
what is access demand ?
A
when the demand for a good or service is greater than its supply
4
Q
what is the Ceteris Paribus assumption ?
A
is the assumption that only two factors price and supply change and all other factors such as fashion and income stay the same.
