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6-1 Vocabulary jw

QuestionAnswer
Occurs when the quantity demanded and the quantity supplied at a particular price are equal. Market Equilibrium
the price at which the quantity demanded and the quantity supplied are equal Equilibrium Price
The result of quantity supplied being greater than quantity demanded. Surplus
The result of quantity demanded being greater than quantity supplied. Shortage
Occurs when quantity demanded and quantity supplied are not in balance. Disequilibrium
Created by: joannw15
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