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Supply, Demand and Price
Transcript of Supply, Demand and Price
What causes Shortages?
Equilibrium: a state of balance
Market Equilibrium is a situation in which quantity demanded at a particular price is equal to quantity supplied at that price
Equilibrium Price is the price at which quantity supplied and quantity demanded are
A shortage occurs when quantity demanded is greater than quantity supplied
What causes a Surplus?
A Surplus occurs when quantity supplied is greater than quantity demanded
Why is it difficult for markets to maintain equilibrium?
because many factors can cause demand or supply to change and create disequilibrium
When this happens the process of finding equilibrium starts over again
Interaction of Supply & Demand (classzone)