lessaurn 2. 1 analysis of equilibrium

Question 1

state of balance between demand and supply

Answer 1

equilbrium

Question 2

meeting of supply and demand in a market

Answer 2

market equilbrium

Question 3

price agreed by the seller to offer its good or service for sale for the buyer to pay for it

Answer 3

equilibrium market price

Question 4

formula for demand function

Answer 4

Qd= a-bP

Question 5

formula for supply function

Answer 5

QS= A + bP

Question 6

formula for equilibrium

Answer 6

Qd=Qs