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2 cards from this section. Quick, good the night before a test.
What is market equilibrium?
Think about the balance of supply and demand.
Define excess supply.
Consider what happens when there are too many goods but not enough buyers.
What defines market equilibrium?
Think about balance in the market.
True or False: Excess supply puts upward pressure on prices.
Recall the relationship between supply and demand.
Given a demand curve qD = 500 - 3p and a supply curve qS = 100 + 2p, derive the equilibrium price and quantity.
Use algebra to isolate p, and then substitute back for quantity.
If the government imposes a price floor above equilibrium, explain the resulting market conditions.
Think about how price controls impact market balance.
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