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OCR Business > Topic Three, Part 3 - Equilibrium & Elasticity > Flashcards

Topic Three, Part 3 - Equilibrium & Elasticity Flashcards

1
Q

What is excess demand?

A

Demand higher than supply

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2
Q

What happens to the price when their is excess demand?

A

Consumers pay more for product

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3
Q

What is Excess supply?

A

supply higher than demand

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4
Q

What happens to the price when their is excess supply?

A

Suppliers lower price

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5
Q

What is the most significant factors determining price elasticity of demand?

A

Availability of close-substitutes for a product

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OCR Business (72 decks)

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