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2 cards from this section. Quick, good the night before a test.
What is equilibrium price?
Think about where buyers and sellers agree.
What happens during a surplus?
What occurs when supply exceeds demand?
What is equilibrium price?
Think about a balance between buyers and sellers.
True or False: A shortage leads to elevated prices.
Consider what happens when people want more than is available.
A new gaming console is launched at a price of $500. Due to popularity, demand increases, leading to a shortage at that price. Analyze the effects on equilibrium price and quantity over the next month.
Consider what sellers might do in response to increased demand.
A drought affects soybean crops, causing production costs to rise. Predict how this would shift supply and the consequences for equilibrium price and quantity in the soybean market.
Think about how supply changes when production becomes more expensive.
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