Supply and demand Flashcards
1
Q
What is the equilibrium price?
A
The price where supply and demand are equal.
2
Q
What is excess demand?
A
The position where demand is greater than supply at a given price and there are shortages in the market.
3
Q
What is excess supply?
A
The position where supply is greater than demand at a given price and there are unsold goods in the market.
4
Q
What is total revenue?
A
The amount of revenue generated from the sale of goods calculated by multiplying price by quantity in a given period of time.
