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2 cards from this section. Quick, good the night before a test.
What defines market equilibrium?
Think about when the graph of demand and supply intersect.
What happens when demand increases?
Consider what would happen on the graph.
What does equilibrium in a market indicate?
Think about where the supply and demand curves meet.
True or False: Excess supply leads to price increases.
Consider market dynamics.
Given that the demand for used cars is represented by qD = 150 - 2p and supply by qS = 30 + p. Find the equilibrium price and quantity.
Set the two equations equal to each other and isolate p.
Discuss how a sudden increase in the number of suppliers affects the equilibrium price in a competitive market.
Consider how more competition affects pricing strategies.
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