3657618
Descrição
FlashCards por Jasmine Wells, atualizado more than 1 year ago
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Criado por Jasmine Wells
aproximadamente 11 anos atrás
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| Questão | Responda |
| Define surplus | When there is a greater quantity of supply of products than demanded. |
| What does a surplus cause? | The forces of demand and supply causes the price of that product to decrease to maintain a market equilibrium. |
| Define shortage | Shortage is when there is a greater quantity of demand for a product than there is supplied. |
| What does a shortage of goods cause? | The forces of demand and supply will cause the price of that good to increase to maintain a market equilibrium. |
| Define Market Equilibrium. | When a market is in equilibrium, quantity demanded= quantity supplied. - Market equilibrium or market price is determined by where supply and demand curves intersect. |
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