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Micro Ch 3b

Stack based on Chapter 3b of Principles of Microeconomics 3e

TermDefinition
equilibrium the situation where quantity demanded is equal to the quantity supplied; the combination of price and quantity where there is no economic pressure from surpluses or shortages that would cause price or quantity to change
equilibrium price the price where quantity demanded is equal to quantity supplied
equilibrium quantity the quantity at which quantity demanded and quantity supplied are equal for a certain price level
excess demand at the existing price, the quantity demanded exceeds the quantity supplied; also called a shortage
excess supply at the existing price, quantity supplied exceeds the quantity demanded; also called a surplus
price ceiling a legal maximum price
price control government laws to regulate prices instead of letting market forces determine prices
price floor a legal minimum price
shortage at the existing price, the quantity demanded exceeds the quantity supplied; also called excess demand
surplus at the existing price, quantity supplied exceeds the quantity demanded; also called excess supply
Created by: CheriseSLCC
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