F3 - SEM1 - Market Equilibrium - 2C Flashcards
1
Q
What is Market equilibrium?
2C Market Equilibrium
A
the point where the market demand curve and market supply curve intersect
determines the equilibrium price and the equilibrium quantity of a good
2C Market Equilibrium
2
Q
What is equilibrium price/market price?
2C Market Equilibrium
A
the price at which the quantity demanded is equals to the quantity supplied
2C Market Equilibrium
3
Q
What is equilibrium quantity/quantity transacted?
2C Market Equilibrium
A
the quantity at the equilibrium price
2C Market Equilibrium
4
Q
What is Total revenue?
2C Market Equilibrium
A
the amount received by the producer after selling the products
In equilibrium, Total revenue = equilibrium price x equilibrium quantity
2C Market Equilibrium
