Supply and demand Flashcards
1
Q
What is the definition for demand?
A
The amount of a good/service that customers are willing and able to buy at any given price.
2
Q
What is the definition for supply?
A
The amount of a good/service that sellers are able and willing and able to sell at any given time.
3
Q
What is equilibrium price?
A
The situation in a market where demand is equal to supply.
