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Foundations of Economics > Equilibrium: Where demand meets supply > Flashcards

Equilibrium: Where demand meets supply Flashcards

1
Q

What does the market compromise of?

A

Buyers and sellers

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2
Q

What is the equilibrium quantity?

A

The quantity demanded and supplied at equilibrium

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3
Q

If price is below equilibrium, then what happens?

A

QD > QS, yielding a shortage. Upward pressure on prices

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4
Q

If price is above equilibrium, then what happens?

A

QS > QD, leading to a surplus causing downward pressure on prices

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5
Q

What causes a shift in demand or supply and what does not?

A

Factors not price

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Foundations of Economics (4 decks)

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