Market Equilibrium Flashcards
1
Q
What is market equilibrium?
A
The price at which quantity supplied and quantity demanded are equal in a market, leaving neither excess supply or excess demand
2
Q
What does the demand curve on the equilibrium graph do?
A
Slopes DOWN from left to right
3
Q
What does the supply curve do on the equilibrium graph?
A
Supply has the word up, the curve slopes UP from left to right
