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EC1202

Week 4/5

TermDefinition
Equilibrium point The intersection of supply and demand
Equilibrium price The price that causes quantity supplied to equal quantity demanded
Equilibrium quantity The numerical quantity at the equilibrium price
Three steps for analysing changes in equilibrium Step 1: the event shifts the supply curve, the demand curve, or both curves Step 2: curve shifts to right or to left Step 3: Use supply-and-demand diagram Compare initial and new equilibrium How the shift affects equilibrium price and quantity
What are causes for a change in surplus? 1. Minimum Prices 2. Sudden change in demand 3. Command Economy
What does market inefficient mean? The government may have to intervene to correct the market.
What is Price Ceilings? Introduced by governments where they believe that the equilibrium price is too high for the consumers to pay.
What is Price floor? Introduced by governments in cases where they believe that the equilibrium price is too low for the producer to receive.
Created by: peadarbailey1206
 

 



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